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Fees Children Are Members Too
Membership in the Credit Union provides an easy path for children to learn about money! The importance of teaching our children the concepts of earning, spending, saving, borrowing, and sharing is self-evident. In many ways, a Regular Share Account opens the door to that learning.
Children can earn their allowance in many ways, and Mom or Dad can easily transfer those earnings directly into their child's account. Our youngest members are often very computer savvy and enjoy looking at their accounts with Net Teller. They learn to save by eagerly watching deposits mount up and dividends accumulate. Spending their money is often postponed as they watch their money add up, especially if they are saving to buy a desired toy. Borrowing can become a topic of discussion if saving enough to buy the toy seems a long way off. Opportunities to share abound--with siblings, charities, and other outreach activities that many families participate in.
The learning experiences related to these financial concepts can provide children with practical skills and knowledge about money--and provide them with a perspective on money based on family values and beliefs.
As children become Credit Union members, financial learning continues with the addition of an ATM card with lowered limits, which leads naturally to their first Share Draft Account with a matching VISA Debit Card, also with adjusted daily limits. At age sixteen, members are eligible to vote for Credit Union directors, giving them the chance to participate in the democratic process that is a cornerstone of the cooperative nature of credit unions and exemplifies the philosophy of "people helping people."
Remember: Your children can be members too!
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