Information regarding Minor Accounts

Minors Accounts

•  A member under the age of 16 is deemed to be a minor.
•  The identity of minors should be established in the same manner as an adult’s account. i.e we will request to take a copy of their birth certificate as long as the identity and permanent address of the parent/guardian who will be operating the account has been verified by up to date photo identifaction and up to date proof of address.

 

Procedures for Operating a Minor Account

 

 1.What is a minor’s account?

a. A minor is person under the age of 16
b. A minor’s account can only be a single account (minor’s name only)

 

2. Who can open a minor’s account?

a. If the minor is under 7, only the parent/guardian can open an account
b. If the minor is over 7, the minor and parent/guardian can open the account

 

3.  Who can lodge to a minors account?

a. Anyone can lodge to a minors account.

 

4. If a minors account was opened without a parent/guardian name, who has access to the account?

a. In this case both parents/guardians need to be present and the nominated person to be confirmed by both parties in front of an officer of the CU.

 

5.  Who can withdraw from a minor’s account?

a. Up to the age of 7, the parent/guardian (who opened the account) can withdraw from the account. Such withdrawals must be for the purpose of the minor only. An indemnity form stating the purpose of the withdrawal must be signed.
b. From the age of 7 -13, a dual signature from the minor and authorized parent/guardian is required. A withdrawal will not be permitted without both parties present.
c. From the age of 13, the minor is the only person permitted to withdraw from the account, unless they have signed a letter of authority giving access to a parent/guardian.

 

6. Important points to note:

a. The monies lodged to a minors account are the sole property of the minor and any withdrawals can only be for the benefit of the minor.
b. Once the minor reaches the age of 7, and makes enquires about his/her account, we are obliged to answer any questions including information relating to balances in that account.