Mud Bug Club 2018-03-26T13:27:54+00:00

MUDBUG CLUB

TEACH OUR YOUNG MEMBERS HOW TO SAVE MONEY

As a parent, you’re not only your kids’ personal chef and butler, you’re also their financial advisor. It’s time for your kids to start learning about money, and our Mudbug Club teaches our young members ways to save money and not spend it all on frozen yogurt.

WHAT YOU NEED TO KNOW

  • A first savings account for kids 0 to 18 years old
  • Competitive dividends compounded quarterly on an average daily balance of $25 or more
  • No monthly service charge
  • Free online banking, mobile banking and eStatements
  • $25 minimum deposit to open
  • Before the age of 18:

    • Minor can make a deposit and receive cash back on checks only
    • By law, only one custodian is allowed per account
    • Custodian may make a withdrawal
    • Minor cannot make a withdrawal

  • After becoming 18:

    • The account becomes the minor’s individual account
    • The custodian no longer has access to the funds
    • The custodian must come to the credit union and sign a release form
    • The minor must then do the following:
      • Provide a state issued ID and/or drivers license
      • Sign a new signature card confirming this is an individual account

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