Custodial Youth Account FAQS

• What is the Custodial Youth account?

  The Custodial Youth account is a savings-only account managed by a parent or guardian behalf of a minor. The custodian controls the account and can choose to turn the funds over between ages of 18-21 to the child. At 21 ownership transfers to them.

• Who can open a Custodial Youth account?

  A parent or guardian (custodian) can open and manage the account for a minor under 21 years old. They must be a member.

• What is the minimum deposit required to open the account?

  A $5 deposit is required to open and maintain the savings account.

• Does this account include a debit card or checking option?

  No, this is a savings-only account with no debit card or checking available.

• Can I set up automatic transfers into the account?

  Yes! Automatic transfers and deposits can be set up to help grow the child’s savings.

• Does this account require e-statements?

  Yes, e-statements are optional required.

• What happens to the account when the child turns 21?

  The custodian’s control ends at age 21, and the account is fully transferred to the child.

• Are there transaction requirements to keep the account active?

  Yes, at least one transaction per year is required to prevent the account from becoming dormant.

• Can the child access the funds before turning 21?

  No, only the custodian can make withdrawals until the child reaches 21.

• Is Zelle or mobile deposit available for this account?

  No, Zelle and mobile deposit are not available since this is a savings-only account with no debit card.

• What is interest?

  Interest is like a “thank you” gift from the credit union for saving your money. When you keep your money in a savings account, it grows a little bit over time—kind of like a plant getting water and sunshine! The longer you save, the more your money can grow.

• What is a dividend?

  A dividend is a little extra money the credit union gives you just for being a member. It’s like getting a reward for keeping your money in your account. The credit union shares some of what it earns with you—kind of like a team sharing a prize when they win!

• Can I revoke funds from the custodial account if I need the money?

  There is a Uniform Transfer to Minors (UTMA) account. Funds deposited into this account are irrevocable and become property of the recipient upon age of majority.

• Can I withdraw funds from a Custodial Account?

  Funds withdrawn from a custodial account must be used for benefit of the minor.