Are you looking for a way to save money for a child or grandchild's future? Perhaps it's to help them with college, a first car or maybe even a first house! If the child is younger than 21 years of age, you can make an irrevocable monetary gift to the child using a PSECU Custodial account.
- Lifetime PSECU membership
- The custodian can make deposits into child's account without the need of a court-appointed guardian
- The custodian may receive the convenience of an ATM card to make deposits and withdrawals
- The custodian may receive checking - Free PSECU basic-style checks - with no minimum balance, no monthly fees, and unlimited check writing
- These Custodial Accounts conform to Pennsylvania's Uniform Transfer to Minor Act -- for questions about these accounts, refer to PSECU's disclosures and consult an attorney
How It Works
The minor is the sole owner of the account. The custodian cannot use the funds for himself or herself, nor can the account be used as security for a loan. Only the custodian may make withdrawals and it is the custodian's responsibility to use the funds for the minor. The custodian can be a parent, grandparent, aunt, uncle or any other family member over the age of 18. The custodian does not need to be a PSECU member, but the child must be eligible for membership. Once the child becomes 21 years old, the custodian must turn the account over to the child. Once turned over, the Custodial Account is closed and a regular PSECU Account can be opened.
If the youth is under 12 years old, a Custodial Account will need to be opened. If the youth is between 12 and 21 years of age, the custodian may open the following accounts for the youth:
- Regular (non-custodial) Joint Account
- Custodial Account
- or both
Or, the youth may open a regular account.
Checking, ATM access and online banking online account access are available on these accounts. IRAs and loans may not be assigned to Custodial Accounts (exception: Educational IRAs are permitted). PSECU may not use the account to offset any outstanding balance of the donor or custodian.