Account Access
At least one of these people must be present to open a Youth Membership for the minor.
Parent or Legal Guardian
The age range to be eligible for a Junior Varsity account.
0-12 years old
The type of youth Membership required to open the youth debit share.
Varsity Membership
If there is one adult joint owner on a minor's college saver share, this many signatures are required for withdrawals.
One
True or False: Electronic banking services are allowed on youth Memberships.
True!
The age range to be eligible for a Varsity accounts and youth debit shares.
13-17 years old
When establishing a youth debit share, the minor is required to have this.
Picture ID
This is the term length for the college saver share certificate.
12 months
True or False: If one parent is joint with the minor and the other parent is not, we can still give account information to both parents and they can transact on behalf of the minor.
False!
When a minor is 13-15, this is their daily ATM withdrawal limit.
$40
In order to open the youth debit share, the minor must be set up with this.
eStatement and eNotices
After the grace period, the College Saver will rollover to another 12-month term. This will continue until the minor turns this age.
18
ChexSystems verification must be completed on the minor and all joint owners who meet these requirements.
1. Not have an existing relationship with the CU
2.Opening their first draft account
3. Obtaining their first ATM/debit card
Share certificate secured loans are allowed on these Memberships with the parent as co-borrower for up to this amount.
$500
These are the youth debit card ATM and POS daily limits.
ATM: $100
POS/Signature Transactions: $300 combined
The dividend rate for the college saver is equal to this rate.
The rate for the $50,000 tier on a regular 12-month certificate.
When an adult wants to open a Membership for a minor that is not their child they can choose one of these two options.
Secondary Savings Share or UTMA
The timeframe when a Junior Varsity Membership is upgraded to Varsity, and when a Varsity Membership becomes a regular Membership.
Within one week after the Minor turns 13, and 18 respectively.
eDeposits on youth Memberships are only allowed for the minor if they have a youth debit share and are in this age range.
16-17 years old
An early withdrawal penalty can be waived if these criteria are met.
1. Member is 18
2. Full withdrawal
3. College Saver must be closed