Teen Savings - Millstream Area Credit Union
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Millstream Area Credit Union

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    Teen Savings

    Product Description

    During this vital time of growth and learning, a Teen Savings Account can help teach responsibility and proper money handling techniques. Teen members will receive quarterly newsletters that provide important and useful information about banking and money management. Plus, teens can bring in their report card and receive $1.00 for every A they earn! Any teen, ages 13-17, meeting the *minimum eligibility requirements may have an account with Millstream Area Credit Union. Existing teen accounts will be considered in compliance with policies in place at the time of account opening. For teens under the age of 13, a legal adult over the age of 18 must be joint on the account.

    Minimum Requirements

    *In order to qualify for membership, a person must live, work, worship, or attend school in Hancock County, Seneca County, Hardin County, Allen County, Putnam County, or Wood County in Ohio.

    Acceptable means of primary identification

    For those minors who are 13 years old or older and can not provide a government-issued photo identification, an adult over the age of 18, who is able to produce proper account opening documentation for unspecified accounts, will be required as a joint owner or joint member on the account until the time that the minor can provide government-issued photo identification. When the minor is able to produce this documentation, the joint owner/member must willfully remove their name from the account under current procedures to remove joint members; no joint member will be removed without their consent. 

    *See member identification policy for detailed instruction on ID requirements.

    Savings Code: S1 (Teen Share)

    Share Class: T

    Account Specifications

    1. For members ages 13 – 17
    2. Millstream deposits the first $5.00*
    3. Dividends are earned upon opening account and paid quarterly
    4. For every “A” earned, $1.00 will be deposited into their account
      1. Teen will be eligible to receive credit for the previous grading period closet to their 13th birthday
      2. If Teen turns 13 or 18 during a grading period they will receive credit for that grading period.
      3. If Teen turns 18 in the summer months, they will be credited for the first grading period of the following school year
      4. Only general education classes are eligible
      5. Teen must bring in grade card to receive credit
    5. Automatically enrolled into our CU Succeed program
    6. Free quarterly newsletters from CU Succeed
    7. Free financial education opportunities
    8. No minimum balance required 
    9. No monthly maintenance fees
    10. Unlimited withdrawals/ deposits to account 
    11. 1 Free ATM card  if Joint Member is eligible and signs for responsibility of funds ($10.00 replacement/ duplicate fee)
    12. Free Online Banking, Mobile Banking, & Telephone Banking
    13. Free electronic funds transfers from merchants 
    14. Free e-Statement option
    15. Monthly e-Newsletters
    16. Shared Branching Services
    17. ACH Originations 
    18. Direct Deposit

    *If member closes their membership prior to becoming 18, Millstream will debit the account $5.00 for the initial deposit made on their behalf.

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