Most importantly, your savings are insured up to $100,000 by the National Credit Union Administration (NCUA), an agency of the U.S. government.
Start your child's road to financial independence with a Community First Youth Financial Success Kit!
The Community First Youth Financial Success Kit (YFSK) Account is designed for children ages 17 & below. YFSK helps our teens and preteens develop early saving habits that will benefit their entire lives. Upon opening an account, parents should be able to see the 'savings habit' begin to develop. A Savings Passbook is provided with YFSK so the accountholder can bring in their passbook when he/she makes a deposit and is a great way to keep track of their savings.
-Minimum opening deposit is $1.00 (However, to become a full member of Community First the account balance must be brought up to at least $20 within the first month of opening the account. Account must maintain a minimum balance of $20 thereafter to earn dividends.
-No membership fee
-No minimum balance fee
-Free membership card
-Savings incentive rewards
-Financial education resources
A joint owner at the age of majority (parent or legal guardian) will be required, and must sign on account.
Here is a list of acceptable sources for verifying identities of individuals (for minors under the age of 16):
- Social Security Card
-Child's Birth Certificate
-Student I.D.
-Guam I.D.
-Identification cards offered under community-based children's programs.
For Parent or Legal Guardian, Community First will verify the identity of the parent or guardian with two forms of identification. A list of acceptable sources are as follows:
Primary sources: unexpired official government issued ID (GovGuam, United States issued driver's license or identification card, Passport, Military ID, or resident alien card.
Acceptable secondary sources: local or higher education ID, employer issued ID, court documents evidencing name changes, income tax returns, current utility bills naming accountholder, vehicle registration naming accountholder.
For further information and assistance in opening your child's YFSK account, call 472-8210 or visit a Community First branch near you and one of our friendly Member Service Representatives will be more than happy to help you get started.
