How Old Do You Have to Be to Open a Credit Union Account?

Credit unions are member-owned financial cooperatives. This structure often translates into benefits such as competitive rates on savings and loans, along with personalized service. Opening an account with a credit union can be a practical way to manage finances, especially for individuals seeking a community-oriented banking experience.

Age Requirements for Credit Union Accounts

Generally, there is no universal minimum age for opening a credit union account, but specific requirements vary by institution and account type. Minors cannot open an account independently due to legal restrictions on their ability to enter into contracts. Instead, they usually require a parent or legal guardian to be a joint owner or to establish a custodial account.

For instance, some credit unions offer youth savings accounts for children as young as newborns, while others might have specific “teen” checking accounts for those aged 13 or older. In these scenarios, the adult co-owner assumes legal responsibility for the account, guiding the minor’s financial activities. Once the minor reaches the age of majority, the account can be converted to a standard individual account, granting full control.

Information and Documents for Account Opening

To open a credit union account for a minor, both the child and the parent or legal guardian must provide specific identification and personal information. This process is mandated by federal regulations, such as the Customer Identification Program, which requires financial institutions to verify customer identity.

For the minor, necessary documents include a birth certificate or passport to confirm their full name and date of birth. A Social Security Number (SSN) is also generally required. Proof of address for the minor, such as a utility bill or lease agreement, may also be requested.

The parent or legal guardian opening the account will need to present a valid, government-issued photo identification, such as a driver’s license, state-issued ID card, military ID, or passport. Their Social Security Number is also mandatory. Proof of the guardian’s current physical address, like a recent utility bill or bank statement, is commonly required. If applicable, legal documents proving guardianship may also be necessary.

Opening the Account

Once documents are gathered, the account opening process can begin. This often involves visiting a credit union branch, where both the minor and the parent or legal guardian must be present to complete the application. Some credit unions may offer online application options for certain accounts, but in-person visits are common for minor accounts.

During the application, forms will be completed using the personal details for both the minor and the guardian. This step includes signing necessary agreements, establishing the account and outlining its terms and conditions. An initial deposit is required to activate the account, with amounts often ranging from $5 to $25. This deposit can be made with cash, a check, or through a money transfer.

After the account is opened and funded, the credit union will provide account details, such as account numbers and instructions for accessing online banking services. Depending on the account type, a debit card may also be issued for the minor, linked to the guardian’s oversight. This structured process helps ensure compliance with regulations while providing a secure environment for minors to begin their financial journey.