Why Every Teen Needs a Student Account
Financial education is a pillar upon the foundation of Educators Credit Union stands on. Just like math, English and other subjects in school, we’re a firm believer that financial education should start early. That’s why we offer Student Accounts for teens aged 13-17, which give them full control of their finances while providing tools and support to learn how to use their money responsibly. It provides a fantastic opportunity for them to build good money habits as they approach their adult years. Here are some of the benefits of opening a Student Account:
INDEPENDENCE
There are so many milestones that most teenagers reach in middle and high school: their first job, their first car and applying to college, to name a few. As they grow into independent adults, it only makes sense that they open their very own checking and savings accounts to manage completely on their own.
That’s where our Student Accounts come in. All teens need is their Social Security Number, a valid ID, proof of address and $5! Teens who possess these accounts have complete control over their money, with no unwanted oversight or spending limits by their parents or guardians.
PERKS & TECHNOLOGY
Reward points on your non-PIN debit card purchases? Check. Customizable debit card designs? Check. A robust Mobile Banking app that allows you to receive alerts, turn your card on and off and manage spending? Check! We have all the bells and whistles that the tech savvy person needs to conduct transactions, transfer funds to friends and family and more. You can even use chat support to instantly message us during business hours with any questions or utilize video banking using Educators Connect Cam™.
FINANCIAL TOOLS
With an Educators Student Account comes access to our wide range of financial tools and resources to help teens develop good money habits early. Whether they learn the basics of saving from our gamified partner, Zogo1, or discover how to set up their first direct deposit using our Digital Academy, we’re here to help them understand the world of finance.
Other helpful tools we offer to teens are a variety of calculators. These range from College Savings to Student Loan Repayment calculators. These calculators can help motivate students to save early and often if they plan on pursuing higher education!
SAFETY
While some teenagers rely on peer-to-peer payment apps as their first and primary bank account, it’s not recommended by experts. These companies are less safe to manage your finances with because once you send a payment to someone, it can be difficult to reverse. When sending to friends or family, this may not be a problem. However, your risk of getting scammed is greatly increased when using these apps to send money to strangers.
When it comes to peer-to-peer payment apps, there’s an additional issue with a lack of insurance on your money or needing to fulfill requirements to insure your money. We are committed to the safety of our members, their information and their money. Your Educators account is fully insured up to $250,000 by the NCUA. We also have a dedicated team standing by to help you if you are scammed or your identity is stolen.
We provide these accounts with the independence, financial literacy and safety of our local teens and future leaders in mind. Success begins with early education and the tools needed to develop good money habits. Video chat us using Educators Connect Cam™ or visit your local Educators branch to open your Student Account.