Student Accounts

Educational Systems FCU provides students with tailored financial solutions and resources to foster financial literacy. These tools are catered to help students achieve financial success, whether it’s related to saving for college or managing money or managing money with a checking or savings account.

• Tools for the Classrooms
• Financial Resources
• Student Choice lending options

Accounts for Minors

Accounts for minors can be opened as an individual, joint or custodial/Uniform Transfers to Minors Act (UTMA) account depending on the minor’s age.

• Individual: A minor eligible for membership may open their own savings and checking account with a debit card at the age of 16. A photo identification is required such as a valid driver’s license or school ID as well as proof of address (a report card or a statement from another financial institution is acceptable). If a checking account is opened, a credit report is obtained on the minor. A parent or legal guardian can only be added as a joint owner with the written authorization of the minor by completing a new Membership Application with the joint owner.   

• Joint: The Credit Union will allow a minor to open a joint account with a parent or legal guardian. To open a joint account, the minor has to be able to sign his/her name on the signature card. Otherwise, a custodial/UTMA account can be opened. If the last names of the minor and the joint do not match, we require a birth certificate or legal guardianship documentation to verify the relationship. A photo identification is required for the joint owner such as a driver’s license, passport, military ID or other government issued ID. If the minor is age 16 or 17, a checking account may be opened and a credit report will be obtained on the minor and joint owner. Check endorsements are limited to the minor or the parent/guardian who must include the following verbiage:

    Parent/guardian of [child’s name] 

• Custodial/UTMA: The Credit Union offers Custodial/Uniform Transfers to Minors Act (UTMA) accounts which can be opened by a custodian who is a parent or legal guardian. Deposits to a custodial account are an irrevocable gift to a minor. Checking accounts and debit cards are not permitted under the custodial account ownership type. An ATM card can be issued to the custodian of the account. If the last names of the minor and the custodian do not match, we require a birth certificate or legal guardianship documentation to verify the relationship. The child can assume control of the funds when he or she reaches the age of majority. The designated custodian does not own the deposits in the account, the minor is ultimately the owner of the funds in the account.

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