Minors Under 5
Can ACU open a membership for a minor under the age of 5?
Yes. However, It is advised that the parent or legal guardian open a sub-account in their name and the label the account "Savings for *Child's Name*".
What's one piece of I.D. that must be provided when opening up a membership for a minor under 12?
A Birth Certificate.
Can a MemberCard be issued to a minor between 12-15?
Yes, provided the minor can understand the conditions associated with conducting transactions.
Is a full credit report required for a Junior Membership?
No.
Does the identity of the parent / legal guardian need to be obtained prior to opening the membership?
Yes. The parent / legal guardian of the minor must be a member in good standing.
Do minors between 12-15 need to have an electronic signature on file?
Yes. Minors between 12-15 must have an electronic signature on file.
Can a minor hold a Safety Deposit Box?
No. A minor cannot hold a Safety Deposit Box singly, or jointly with an adult.
What is the procedure when the parent / legal guardian insists on the minor's membership being open when they aren't a member themselves.
The membership is referred to the Risk Department for approval prior to proceeding.
Can minors 12-15 complete the CRA Declaration of Tax Residence form?
Yes, provided they understand what it is that they're declaring.
What are the standard hold days for minors 16-18?
2 days. The same as standard hold days for any membership.
List 3 qualifying products a minor could have?
1. Chequing
2. Savings
3. Payroll
In the case of a parent / legal guardian holding a subaccount labelled under their child's name, would ACU accept cheques payable to the child's name?
No. It would be up to Branch Management whether to accept the cheque at that time, if approved, a birth certificate of the child should be displayed. (The parent should be advised to contact the issuer of the cheque notifying them to make the cheque payable to the parent)
For minors under 12, does an electronic signature need to be obtained on a joint account with their parent / legal guardian?
No. An electronic signature does not need to be obtained unless the minor holds an account solely in their name.
Does the parent / legal guardian of a minor between 16 and 18 need to sign an Indemnity Agreement?
Yes.
What piece of I.D. must be provided if the minor does not have valid Government Issued I.D.?
For members 16-18, does a Social Insurance Number need to be obtained?
Do minors with a junior membership have voting rights?
No. Junior members have the same share requirements as regular members, but they are not able to vote.