Opening a Minor Account for your kids/grandkids can help them become financially secure adults.
The real world is expensive, and if young adults lack financial aptitude, they will struggle not only fiscally, but emotionally as well. That’s why you need to acquire financial skills as you make your way through college, navigate your first job and learn to save for the years to come.
Police FCU offers the following accounts for minors:
- Savings Accounts
- Money Market Savings Account options
- Checking Accounts (ages 16 and up)
- Share Certificates of Deposit, including our 85th Anniversary 85 Month Youth/Young Adult Certificate
- Coverdell Educational Savings Account to help save for college expenses, includes our 12 Month Add On Coverdell ESA Share Certificate, which can be opened with as little as $100, with addons allowed throughout the term up to the maximum allowed annual contribution. This special Coverdell ESA Add On Share Certificate also pays 2.00% Annual Percentage Yield!
Adults can monitor (and conduct transfers to) minor accounts by establishing a Trusted Relationship, which can be accessed via Digital Banking and your Police FCU Mobile App by completing and returning the Trusted Relationship Access Form.
Minor Accounts can be opened online here.
Checking Accounts For Teens
Opening a Police FCU checking account for your teen provides a hands-on experience that will help our child prepare for the financial livelihood that they will experience into adulthood. With a Checking account, your teen can learn about monthly statements, the importance of keeping accurate financial records, paying bills with their account, monthly budgeting, and more. Parents can set up a Trusted Relationship Access, which allows them access to monitor their child’s accounts and also conduct funds transfers using Digital Banking or the Police FCU Mobile App.
Checking Account Benefits For Your Teen
• Responsibility: Learning responsibility with a checking account and debit card can set your teen on an early path to financial freedom, forming good habits to be organized with their money.
• Financial Freedom: Financially freedom as an adult allows them to pursue their desires without money being the biggest factor in my decision-making.
• Good Spending Habits: If they learn to never spend more than they had saved, they will be prepared to not charge more than they can pay off each month. Expense tracking and budgeting becomes a habit.
• A Sense of Pride and Independence: When they conduct their own “business” they will feel a sense of independence and financially confident as they take over their spending habits as an adult.
Convenience: Free Digital Banking access for your teen to monitor their Police FCU accounts, pay bills, set account balance and transaction alerts, transfer funds, reorder checks, locate local
branches and ATMs, securely deposit checks from their smartphone or tablet with mobile check deposit or receive funds via Direct Deposit. Free access to over 5,000 Share Branches and over 30,000 surcharge-free ATMs nationwide. Wherever they live, work or go to school – establish an account that can move with them.
Pricing: No minimum opening deposit, No monthly maintenance fee, No-fee e-Statements. Paper statement fee is $1 per month. The fee is waived if you enroll in Digital Banking and choose to receive
Published by Police FCU
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