OppJar Frequently Asked Questions (FAQs)
Last updated July 7, 2020
OppJar enables a child’s “village” to fill a virtual jar with opportunity. At the age of 18, the child is invited to open the jar, collect their gifts, and pursue their dreams. College? Start-up? Olympic world record? The sky's the limit.
What is OppJar?
OppJar is an application that allows parents the opportunity to (i) archive memories for their children as they grow into adulthood and (ii) crowdfund cash gifts (“Gifts”) into a UGMA/UTMA custodial account for their children.
What is an OppJar account?
Once an OppJar account is opened, any person may provide Gifts into a child’s OppJar account. For example, for a child’s birthday a parent can encourage family to provide Gifts to the child’s OppJar account instead of toys. All Gifts are held by OppJar in custodianship until a child turns the age of majority for their state of residence (e.g., 18 years old). By appointing OppJar as custodian, the Gift giver can be assured that the child will be the ultimate beneficiary.
Further, while the Gifts are held in the custodianship, OppJar as custodian is authorized under the Uniform Transfer to Minors Act of the child’s state of residence to hold, manage, invest, and reinvest the Gifts. Such investing allows the opportunity for such Gifts to grow over time with the child.
Who opens the OppJar account?
An OppJar account may only be opened by a parent or legal guardian.
Who is the custodian of the Gifts?
When providing Gifts to a child’s OppJar account, the Gift giver is required to appoint OppJar as custodian of the Gift. As custodian, OppJar has a fiduciary duty to protect and manage the Gift on behalf of the child until the child reaches the age of majority for their state of residence (e.g., 18 years old).
How much does an OppJar account cost?
Starting an OppJar account is free to the parent or legal guardian. Each time a person provides a Gift to the child’s account certain transaction fees will be applied. The fee table is shown below.
|Gift Giving Fee
||$1 fee per Gift transaction
||$0 (i.e., Gift Giving Fee waived)
|Credit Card Use Fee
||2.9% + $0.33 per Gift transaction
||0.8% + 0.01 per Gift transaction
||$30 per occurrence
If OppJar retains a special skill or expertise, such as becoming a registered investment adviser, or contracts with a registered investment adviser for managing, investing and reinvesting the Gifts, then OppJar and/or the contracting entity reserves the right to charge a reasonable fund management or advisory fee.
What is the difference between an OppJar and other types of platforms?
OppJar is similar to some social media applications in that it archives treasured memories but it is unique because each account is dedicated to a child’s memories. For example, a parent can archive video messages and photos of family and friends at the earliest stages of a child’s life. These video messages and photos will be stored in a single place for the child to view years or decades later.
Most custodial accounts with brokerage firms require the Gift giver to be the custodian. In other words, the Gift giver has to manage the Gifts, including any investing or reinvesting, which is typically an inconvenience especially if the Gift giver opens a custodial account when the child is young. For example, if a Gift giver opens a custodial account with a brokerage firm, the Gift giver is expected to select certain investments and manage the account until the child reaches the age of the majority (e.g., 18). Such responsibilities can last for decades depending on the age of the child. OppJar is unique because we take on these responsibilities and are dedicated to protecting and managing the child’s Gifts.
Also, typically custodial accounts with brokerage firms permit the custodian (i.e., the Gift giver) to withdraw funds when needed and typically with no questions asked. OppJar does not permit the Gift giver to withdraw Gifts once they are deposited into a child’s account. In fact, once the Gifts are deposited into the child’s account, the Gifts are legally the child’s Gifts and the Gift giver releases all rights to such Gifts under UTMA/UGMA. As custodian, OppJar has a legal duty to protect the Gifts for the benefit of the child until the child reaches the age of majority. As such, withdrawals from Gift givers are strictly prohibited and any early withdrawals by the child are only permitted in very limited circumstances. See our Terms of Service for more information.
Further, when the child beneficiary reaches the age of majority (e.g., 18), the Gifts are not restricted for certain purposes, such as college education expenses. Instead, the child has the flexibility to spend or use the funds for any purpose, such as buying a car, paying for college, funding a startup or small business or investing for the future.
How else is OppJar unique?
OppJar is dedicated to the child which is unique in social media and investing platforms. Also, the account is funded by leveraging the child’s “village.”
How can monies in an OppJar account be used?
OppJar funds can be used as the beneficiary deems appropriate. OppJar funds future opportunity!
How do I make a hardship withdrawal in the case of an emergency?
Withdrawals can only be made in very limited circumstances at the request of the child or parent or legal guardian. See our Terms of Service for more information.
HOW TO GET THE MOST OUT OF OPPJAR
Can I make auto-deposits into an OppJar account?
Yes. In fact, we recommend making recurring gifts into OppJar to maximize the account balance and growth during the beneficiary’s childhood.
How do I invite friends and family to give?
There are various ways to encourage giving. We recommend inviting others to give to an existing OppJar account, in lieu of gifts, during special events (birthdays, graduations, baby showers, etc.). Gift givers can give by searching for the applicable account via the OppJar app or you can send them a link!
Can I give to children other than my own?
Yes. You can make a gift to any child already registered in OppJar. If they aren’t registered, you can even make a gift pending opening an account by their parent or legal guardian.
Can I save memories too?
Yes. OppJar not only funds the future, but also preserves the past. Family and friends have the ability to post special messages and photos in the memories portion of the OppJar app.
OPPJAR, INC. (THE COMPANY)
Who leads the company?
OppJar was started by two MIT graduates interested in starting an innovative tool for their children and all children. The founding team includes graduates of MIT, Harvard, and U.C. Berkeley.
What is the vision of the company?
Our purpose is to help parents help their children achieve financial security and peace of mind while at the same time archiving childhood memories. We do this by leveraging your “village” to build savings and fusing social media and crowdfunding to offer a more purposeful online platform. To this end, we are child-focused, parent-focused, and village-focused.
Is there a company commitment to social responsibility?
Absolutely. Our focus is to help build financial security for all children, including those from low- to moderate-income families and communities. We also plan to share our advertising revenue with customers, consider your personal data YOUR data, reduce plastic toy waste by encouraging “in lieu of gifts” giving, and seek responsible investment fund options whenever possible.
Is the company interested in new partnerships?
Yes. We work with employers, schools, non-profit organizations, and advertisers to serve as many children as possible and help grow their OppJar accounts.
How about privacy and security?
What if I have a follow-up question or need assistance?
We want to hear from you! Please contact us.
Questions about the team? Find us here.