Withdrawals on a Minor Account
The policy in Core Credit Union in relation to Minor account withdrawals is as follows:
Between the age of 0 – 6 years, only the parent / legal guardian who opened the Minor account can withdraw from the account.
Between the age of 7 – 16 years, the Minor and the parent / guardian who opened the Minor account must be present to make a withdrawal from the account.
As with any withdrawal done on a Minor’s account, it must be for the benefit of the Minor, regardless of their age and ability to sign for the withdrawal. Unacceptable withdrawals on any Minors account are as follows:
- School fees – As any Minor’s education is the legal responsibility of their parent / legal guardian, any withdrawals for school fees should not be allowed from a Minors account.
- School equipment – Computers, tablets and/or books specifically required for school use.
- Large ticket items – Cars, holidays or electronic equipment that is not for the sole benefit of the child.
- Illegal items – Alcohol, cigarettes and/or any other illegal substances or items.
An electronic transfer (EFT) should only be set up on a Minor’s account if going to a beneficiary account in the full name of the Minor or to a third-party account where evidence is provided that the funds will be used solely for the benefit of the child.
Lodgements on a Minor Account
Anyone can lodge money into a Minor account by completing and signing the Core Credit Union Ltd. logdement slip.
Please note online access is not available for Minor accounts.