Getting youth to start using their Financial Institution!

Setting up bank accounts for your children can be a grueling process. Do I have both my husband and I on the account, do I add any other family members as joint owners or beneficiaries, do I let the child have access to it… the list can go on and on. There are SO MANY decisions that come into play when opening an account, we here at HCCU understand that and are here to help!

Let’s take a look at an example, if we have children who are still very young and cannot yet make any financial decisions there are two different options here at HCCU: Youth Accounts or Custodial Accounts. A youth account allows the child to access the funds at any age, along with any other joint owner. A Custodial account has a joint owner who is in control of the account, and after the child turns 18, then the child gains access to the funds as well. Both are great options for all children, it just depends on how much access you want your child to have to the funds.

Now let’s take a look at a situation for older children. Many children when they are born or still very little have savings accounts opened up for them by parents or grandparents. When is the right time to open up a checking account? This seems like a big step in the financial world, but really it can be quite simple. Instead of simply letting the reigns go, and letting the kid or young adult have complete control over the money, sign on as a joint signer. There are many products we can introduce to your family such as debit cards, direct deposit, ATM usage, but with you as joint signer, you can still have some control!

There are many different options for youth and young adult accounts. It may involve making a few tough decisions, but remember we are always here to help! Come in during April, Credit Union Youth month, and open any of our great savings products and receive special month giveaways!

Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net

Post by: Emily P.