MINOR ACCOUNTS
A minor account is a savings account set up particularly for a minor by an adult. With its help, a minor can make withdrawals and deposits but does not get all the benefits as in the case of a normal account.
A minor account can be opened as long as the child can sign his or her own name. It also necessitates the signature of a person over the age of 18.
A minor account provides a youngster more authority over their money than a custodial account.
Benefits of having a minor account with us:
- Now, minors will have more control over their money, and will receive account statements, and have internet banking access.
- Both Checking and Savings account options available.
- Low monthly fees
- No limit for maximum balance
- Here, with checking accounts, you can get a free Visa Debit Card (the debit card will be in the minor's name).
- With checking accounts, you can get a free Visa debit card.
- You will enjoy lifetime benefits with the proposed Odùduwà Federal Credit Union.
- Overdraft protection
When the minor account holder turns 18, their minor account will be converted to a savings account. Now, he will be able to make use of all of the privileges that he was unable to take advantage of on his minor account.
