It’s not easy being a child today. Peer pressure can mean that children believe they ‘must have’ the latest toy, console or gadget because a friend has it or they’ve seen it on TV. In a child’s world, money comes from Mum’s purse or Dad’s pocket. It is important to teach children that money needs to be earned and that it is important to get into the habit of putting a little aside as savings.
The benefits of teaching children about money early on are both immediate and long term. In the short term, they may develop strong saving habits, learn how to make smart purchases and learn why they can’t immediately get everything they want. In the long term, you can help them avoid getting into debt. And by teaching the value of saving for the future, you can put them on the road to financial security and help them to save their own treasure.
Frequently Asked Questions about Children’s Accounts at BCU.
Q: Can any child open an Account with Ballincollig Credit Union?
A: A child (over the age 7 and under 16 years old) can open an account in their own name with Ballincollig Credit Union if they live or go to school in our common bond area. Once the account is open, the child can continue to use the account even if they move outside the common bond, i.e. the account does not have to close.
For a child under 7, the account can be opened in a parent/guardians name, with the child’s name noted on the nomination form
Q: What is needed to open a Credit Union Account for a child?
A: Under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, we are required to confirm the following information when a child wants to open an account.
• As proof of identity, the child will need to provide a Passport or Birth Certificate in their own name.
• Proof of PPSN
• As proof of identity and address, you will need to provide a passport or driving licence and a recent utility bill in your own name.
• Information about your non-Irish tax residency (where applicable), including Taxpayer Identification Number(s)
Q: How much money can be lodged to a child’s Account?
A: By its very nature, it is unusual for a child’s account to contain excessive funds. €10,000 is the maximum amount of money that can be held in a child’s account.
Q: Who can lodge money in the child’s Account?
A: Anyone can lodge money into the child’s account for the benefit of the child.
Q: Who can withdraw from the Account?
A: Money in an account in a child’s name is the sole property of the child and no other person (including the parent/guardian or person who originally opened the account) is entitled to use this money for his/her benefit.
Q: Withdrawing funds from a child’s account.
• If the child is between 7 and 11 years old, only they can withdraw from the account but they must be accompanied by either a parent/ guardian.
• If the child is between 12 and 16 years old, only they can withdraw and it is not necessary for the child to be accompanied by an adult.
Q: Why is an Account made ‘Dormant’ and who can reactivate it?
A: Where a child’s Credit Union account has not been used for 36 months, the account is made ‘Dormant’. This is done as a security measure to prevent the account from being used for fraudulent purposes. In order to reactivate a child’s account that is dormant, only the child, parent/guardian, or the person who originally opened the account can request its reactivation. Up to date proof of ID and address will be required.