Credit unions offer members and the wider community a chance to engage teens in financial participation and help them develop good financial habits. You can start your teen right by opening a teen bank account at your local credit union to deposit, save, and withdraw later. It is easy to open a teenage account with a credit union; the process is similar across all credit unions. Here’s how to go about it:
Choose an Account
A checking account is used for teenagers, and you can easily open one at your local credit union. If you prefer other accounts, ask the officer or agent to advise you on the advantages. Is the account type necessary? Yes, a checking account, for example, comes with savings interest and other bonuses that could increase the savings.
Ready Your Documents
You’ll need to submit certain documents for your teen and yourself as an adult. Credit unions typically require identity proofs, such as a Social Security number, Individual Taxpayer Identification Number (ITIN), passport number, or other government-issued identification numbers. You might also need to provide additional documents to show the specific requirements of your credit union.
Complete a Registration Form
Proceed to your local credit union to open a teen bank account. Credit unions may allow you to submit online forms and complete the process later. You can walk in anytime during business hours and have an account within a few minutes. Ensure that you and your teen’s details are correct, as the credit union will confirm all documents before opening an account. Remember to volunteer any information that may have an impact on the process.
Make a Deposit
Once your account is active, make a deposit to begin saving. Many credit unions set minimum deposit amounts such as $10, $2, or more. Your deposits are insured and protected under the law. You can deposit physically or through an electronic transfer.
When opening a teen bank account, you should carefully consider the features, fees, and advantages of your local credit union. Go for the best option and give your teen a headstart.