Ballinascreen Credit Union Limited
CU AT YOUR PLACE
Ballinascreen Credit Union Limited is a proud cooperative financial institution that provides a wide range of financial services to its members.
The Minor Deposit Account
The Minor Deposit Account
Those under 16 years of age are too young to join a credit union. However they may save in a credit union by way of a deposit account.
The persons in question are referred to as "minors". The funds shall be held separately and apart from the general funds of the credit union. Deposits received from minors must be recorded in a Pass Book that is clearly identifiable and marked " Minor" on the front cover.
An account shall be opened by means of an application form signed by that minors‘ parents or guardian, {referred to as the "signing parent or guardian"}, and if he is able to write, by the minor himself.
Account Features:
Minimum & Maximum Limits;
Withdrawals;
Maturity.
Minimum & Maximum Limits
The maximum amount that may be held on deposit by any one individual is £10,000. All money received must be held in trust.
Withdrawals
An application to withdraw must be signed by the minor and signing parent or guardian but if the minor is unable to write,{and is under the age of seven}, application to withdraw may be made to the board of directors by the signing parent or guardian. If the application is made solely signed by the signing parent or guardian it shall be within the discretion of the board of directors to determine whether payment should be made. However, if the board of directors is satisfied the money required is for urgent need of the minor and cannot be met from another resource the board should exercise its discretion in favour of payment out.
If in the death of a signing parent or guardian or in other exceptional circumstances the board of directors may at their absolute discretion permit withdrawal solely to the minor.
Maturity
Two months before a minor reaches the age of 16 written notice shall be served upon the minor and his signing parent or guardian informing him that on attaining 16 he should either withdraw the balance on the account or join the credit union. If the minor takes no action he shall be deemed to have applied for membership of the credit union and the balance shall be transferred to a share account holding in his name.
The persons in question are referred to as "minors". The funds shall be held separately and apart from the general funds of the credit union. Deposits received from minors must be recorded in a Pass Book that is clearly identifiable and marked " Minor" on the front cover.
An account shall be opened by means of an application form signed by that minors‘ parents or guardian, {referred to as the "signing parent or guardian"}, and if he is able to write, by the minor himself.
Account Features:
Minimum & Maximum Limits;
Withdrawals;
Maturity.
Minimum & Maximum Limits
The maximum amount that may be held on deposit by any one individual is £10,000. All money received must be held in trust.
Withdrawals
An application to withdraw must be signed by the minor and signing parent or guardian but if the minor is unable to write,{and is under the age of seven}, application to withdraw may be made to the board of directors by the signing parent or guardian. If the application is made solely signed by the signing parent or guardian it shall be within the discretion of the board of directors to determine whether payment should be made. However, if the board of directors is satisfied the money required is for urgent need of the minor and cannot be met from another resource the board should exercise its discretion in favour of payment out.
If in the death of a signing parent or guardian or in other exceptional circumstances the board of directors may at their absolute discretion permit withdrawal solely to the minor.
Maturity
Two months before a minor reaches the age of 16 written notice shall be served upon the minor and his signing parent or guardian informing him that on attaining 16 he should either withdraw the balance on the account or join the credit union. If the minor takes no action he shall be deemed to have applied for membership of the credit union and the balance shall be transferred to a share account holding in his name.
An account shall be opened by means of an application form signed by that minors‘ parents or guardian, {referred to as the "signing parent or guardian"}, and if he is able to write, by the minor himself.
Account Features: