02 Accounts
How old do you have to be to have this type of account?
18 or under
Do we do business accounts?
NO!
What age will we do a savings account?
Any age! Not just a teen. (trick question)
Who owns the money for a Rep Payee account? Who can access the money? Example, Keith Simmons, Rep Payee is April Simmons.
Keith Simmons owns the money. April Simmons is only one to access the money
Can a child have an 01 account?
Yes! Why would someone not want this option though?
Who has access to the money on this type of account?
The joint owners only.
Would we allow someone to set up an account for something such as tupperware or Mary Kay?
As long as the member does not want it set up under an EIN/TIN number then yes we would. Account would be set up under members name only.
When do we offer to give UCHS students $25 to open a membership?
During Student Branch months of operation.
Can Keith call and get balance on Rep Payee account?
No! Only the Rep can get info.
Can Faith bring Keith in to get money from this type of account if she is not a joint owner?
Yes, 01 accounts have no restrictions so member, no matter their age, can do anything.
What relationship does the joint owner need to be to the child?
Parent, Grandparent, or Legal Guardian.
Can someone open an account for their mowing business?
As long as account is opened under personal name and the member understands it is not a business account.
Can a teen have a savings account without an adult?
Yes! Must be at least 16 and at our discretion.
What happens if Rep Payee dies?
Money goes back to social security.
After someone opens an account, we do three things to follow up. Name 2.
Send a welcome letter with magnet within a couple days. Send a welcome postcard within a week and send a welcome email with online banking and social media info the following month. We have started sending a survey as well but not fully implemented yet.
Can Keith bring Faith in to let him get money from this account?
NO! She can't be joint.
Do we do accounts for associations and/or clubs? What about non-profits, corporations, and LLC's?
Our policy says we do unincorporated associations and clubs. Example- Ball teams and weight loss group. NO to the others.
What documents will we accept to open a membership from a teen?
Driver's License. If no license we need the actual social security card and joint owner will need ID with correct address. If neither of these things are available you need to pass the question to Alexis, April, Amy H, or Erica.
Can I have Keith's money go into my account?
Yes, however funds are suppose to be kept separate. Social Security does allow for funds of a minor to go into a family members account, but be cautious and explain.
When opening an account name 2 things we have to have.
ID with correct address, $25. If ID does not have correct address, we need a bill with correct address.
What month do we give the $25 for this type of account?
Youth Month- April
What documentation do we need for a club account?
Minutes stating who can be on the account and EIN number.
What age will we give a debit card?
14 with parent/grandparent/guardian. Again, at our discretion.
Can a Rep Payee account have a joint owner and/or beneficiary?
NO to both! However, the Rep needs to be added to account, just not as a joint owner.
What age will we give an ATM card for an 01 account? (as long as there is a joint owner)
13