Saving Accounts Overview for Young Adults
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Questions and Answers

The University Checking Account offers dividends on the funds held in the account.

False

What age must a person be to open a University Checking Account?

18

A one-time courtesy pay refund is available for NSF fees with the University Checking Account.

True

What is the main requirement for students to open the University Checking Account?

<p>Valid student email or have a college email address</p> Signup and view all the answers

A Secondary Savings Account requires a minimum balance to avoid maintenance fees.

<p>False</p> Signup and view all the answers

The minimum balance required to earn dividends on a Primary Savings Account is _____ dollars.

<p>250</p> Signup and view all the answers

Members aged 17 or younger can have the Single Service Fee waived for their accounts.

<p>True</p> Signup and view all the answers

What is the withdrawal limit on a Money Market Account?

<p>Six pre-authorized transfers per month or 6 transfers per month.</p> Signup and view all the answers

The Angel Savings Account is intended for members aged 13 to 17.

<p>False</p> Signup and view all the answers

What feature is unique to the 13-Month Flexible CD?

<p>It allows one penalty-free withdrawal of up to 25% of the principal or it allows member the ability to make additional deposits to the account.</p> Signup and view all the answers

The Standard Checking Account requires a minimum age of ____.

<p>13</p> Signup and view all the answers

Which of the following accounts earns 4.00% APY on balances up to $15,000?

<p>Alliance Checking Account</p> Signup and view all the answers

What is the monthly fee for the Basic Checking Account?

<p>$10</p> Signup and view all the answers

Name 5 benefits of the Alliance Checking Account.

<p>Benefits of Alliance Checking Account: • Earns 4.00% APY on balances up to $15,000 with monthly qualifications: • Offers pre-paid legal estate planning with complimentary will through The Legal Sentinel program. • Provides cell phone protection covering up to $400 for repairs or replacements from eligible purchases. • Includes IDProtect® for identity theft monitoring and resolution service. • Features shopping rewards for cash back at various retailers with required registration. • Access to travel discounts at thousands of local and national businesses through registration. • Offers Buyer’s Protection &amp; Extended Warranty for debit card purchases. • Health discount savings on vision, dental, and prescriptions available. • VIP concierge services and roadside assistance reimbursement (up to $80 per occurrence). • Discounts on Movie tickets.</p> Signup and view all the answers

What is the minimum balance requirement on the money market account in order to earn dividends

<p>2500 or $2500</p> Signup and view all the answers

This checking account maybe available for members not qualifying for our standard checking account.

<p>Basic</p> Signup and view all the answers

Early withdrawal penalties for CDs with a maturity of 9 months or less are equivalent to ____ days of interest.

<p>180</p> Signup and view all the answers

The University Checking Account is only available to students attending Detroit Mercy, Madonna, and Sienna Heights schools.

<p>False</p> Signup and view all the answers

When opening an account, we only pull ChexSystems for potential members 18 years of age or older.

<p>True</p> Signup and view all the answers

What number do we put into the Social Security field/ITIN when the member does not have an SSI# and presents a Passport plus Home Bill with current address?

<p>999-99-9999 or 999999999 or nine nines</p> Signup and view all the answers

Study Notes

Aspire Savings Account

  • Designed for young adults between 13-17 to encourage saving and financial management
  • Offers membership with ACCU, allowing for flexible saving options
  • ATM/ Debit card available for members 13+ with a Standard Checking and Aspire Savings account
  • Members transition to full adult membership with expanded management opportunities upon turning 18.

### Angel Savings Account

  • Designed for members 12 and under, featuring no monthly maintenance fee.
  • Serves as a primary savings account for younger members.

Certificates of Deposit (CDs)

  • Savings instruments allowing members to secure interest rates for specified terms, offering higher dividends than regular savings accounts.
  • Two types of CDs available: regular share certificates and IRA certificates.
  • Terms available range from three months to five years, with guaranteed interest rates for the entire term.
  • Dividends are compounded and paid monthly.
  • Early withdrawal penalties apply, with different rates depending on CD maturity length.
  • The 13-Month Flexible CD permits one penalty-free withdrawal up to 25% of principal, with subsequent penalties assessed.

### Early Withdrawal Provisions

  • A penalty is applied for early withdrawal before the maturity date.
  • For CDs with a maturity of 9 months or less, the penalty is equivalent to 90 days of interest.
  • For CDs with a maturity of 12 months or more (excluding the 13-Month Flexible CD), the penalty is 180 days of interest.
  • The 13-Month Flexible CD allows one penalty-free withdrawal of up to 25% of the principal; additional withdrawals incur a penalty of 180 days of interest.

Alliance Checking Account

  • Earns 4.00% APY on balances up to $15,000 with monthly qualifications: Direct Deposit, 10 signature-based “Credit” transactions, and enrollment in E-statements.
  • Monthly fee is $6; account available for ages 18+.

Standard Checking Account

  • Designed for members who opt out of Alliance Checking.
  • Minimum amount to open is $0; age requirement is 13+; no monthly maintenance fee.
  • Includes courtesy pay available (18 and older), ATM/Debit card, and check writing privileges.
  • Online banking and bill pay options available.
  • Monthly statements provided.

Basic Checking Account

  • For members not qualifying for Alliance or Standard Checking based on ChexSystems.
  • Minimum to open is 0;agerequirementis18+;monthlyfeeof0; age requirement is 18+; monthly fee of 0;agerequirementis18+;monthlyfeeof10.

### Member Eligibility

  • Membership requires individuals or entities to fulfill at least one specified criterion.
  • Eligible groups include Catholics living, working, or attending school in Michigan or the Texas dioceses of Tyler and Austin.
  • Employees or retirees associated with Michigan Catholic parishes or health care systems qualify for membership.
  • Relatives of current Alliance Catholic Credit Union members can become members.
  • Employees of affiliated Select Employer Groups (SEGs) are also eligible.
  • Students, faculty, or alumni of Catholic universities in Michigan are eligible.

Primary Savings Account

  • Membership established with an initial $5.00 deposit, representing one "share."
  • This share grants voting rights and access to other membership benefits.
  • Minimum balance of $250 required to earn dividends on the primary savings account.
  • No ATM/Debit Card available for accounts holding only the primary savings.
  • Single Service Fee waived for members aged 18 or younger; avoidable for others by adding eligible services.

Products/Services Include:

  • Secondary Savings with one transaction completed each month
  • Checking account with monthly activity or direct deposit
  • Money Market
  • Loan

Secondary Savings Account

  • Additional savings account for members wanting to separate funds from primary savings.
  • Designed for setting savings goals and designated expenses.
  • No minimum balance or monthly maintenance fee required.
  • Cannot be used for overdraft protection.

Money Market Account

  • Offers a balance of higher dividends and access to funds.
  • No minimum balance to open; dividends compounded and paid monthly.
  • Minimum balance of $2500 required to earn dividends.
  • Withdrawal limits include six pre-authorized transfers per month.
  • No courtesy pay; daily debit transaction limit set at $300.
  • Offers ATM/Debit card, check writing privileges, online banking, and bill pay.
  • No dividends compounded; monthly statements provided.

University Checking Account

  • Available for students at Detroit Mercy, Madonna, and Sienna Heights.
  • Requires valid student email for account verification.
  • Minimum to open is $0; age requirement is 18; no annual maintenance fee or inactivity fee.
  • Courtesy pay allows one-time refund of a courtesy pay and NSF fee.
  • Provides ATM/Debit card with no non-network withdrawal fees; check writing privileges included.
  • Online banking and bill pay available; monthly statements provided.
  • Funds insured by the NCUA up to $250,000 per depositor.
  • Legal Services - Alliance Catholic Credit Union (allianceccu.com)
  • Life Insurance - Alliance Catholic Credit Union (allianceccu.com)
  • Fee Schedule - Alliance Catholic Credit Union (allianceccu.com)
  • Account Opening Link on RC: Resource Center - ACCU EMA Procedures.pdf - All Documents (sharepoint.com)
  • RATES: 08.12.2024_ACCU_Personal-and-CDs_Deposit-Rate-Sheet.pdf (allianceccu.com)
  • Non-US Citizen Link: alliancecatholiccu.sharepoint.com/sites/ResourceCenter/Resource Center/Forms/AllItems.aspx?id=%2Fsites%2FResourceCenter%2FResource Center%2FProcedures%2FNon-Citizen Lending%2FNon-Citizen Lending Procedures%2Epdf&viewid=59e9efdc-1326-45d8-94dd-abf00e3112ea&parent=%2Fsites%2FResourceCenter%2FResource Center%2FProcedures%2FNon-Citizen Lending

### ID Types for Non-US Citizen

  • Employment (Work) Authorization Card with SS# or ITIN #.
  • Passport plus a Home Bill with current address and name of member. (without ITIN--use 9-9’s)
  • Mexico Consular ID Card with SS# or ITIN #.
  • Permanent Resident Card with a SS #.
  • If member has a SS# or ITIN number pull Chexsystems and soft pull.
  • Please Ask Mgr. for ITIN vs SSI

Making Recommendations

  • We promote and provide recommendations and examples.

Alliance Checking: The Member Experience

  • "Mr. Jones, thank you for talking to me today and allowing me to get to know you and your financial picture. Based on our conversation, I believe we have a perfect account here at ACCU that will fit your needs."

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Related Documents

New Account Training - September 2024 PDF

Description

This quiz provides insights into various savings accounts designed for different age groups, from children to young adults. Learn about features, benefits, and management opportunities associated with the Aspire and Angel Saving Accounts, as well as Certificates of Deposit. Test your knowledge on financial management tailored for youth.

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