Your child is a bit older now, and maybe his “school supplies” list doesn’t include crayons anymore—now it’s dorm furniture, a mini-fridge and a checking account! If your child is off to college or entering the workforce for the first time, her first checking account should be simple to use and at a financial institution you trust. Well, congratulations on finding the right answer: Salal CU.

Note:  if your child is approved for his first Salal checking account by the end of September 2011—and establishes direct deposit to that account within 90 days of opening—we’ll start his college career off right with $100 deposited into his account, just like that.*

Advantages of Salal Checking

• Ease. If parents and child are members of Salal, mom or dad can transfer funds from their Salal account to Junior’s Salal account 24/7 and at no cost, via Online Banking.
•  Convenience. Salal checking accounts come with a Visa debit card, free.
• Access. Thanks to the Shared Branching network, your child can access her funds no matter where she goes to school: the network has 6,700 shared branches nationwide. In addition, Salal’s membership in the CO-OP ATM network means our members have access to more than 28,000 surcharge-free ATMs nationwide. She’ll have 24/7 access to her money, nationwide: will that help you sleep better at night?
• Alerts. If you, the parent, are a signer on your child’s account, you can set up alerts on your child’s account using your email address, so that you receive an email any time your child’s account balance goes below a threshold you establish. Now you really will sleep better!
• Overdraft Transfer Protection. You can designate another account (savings, money market, etc.) to pull funds from in case his checking account has insufficient funds for a transaction. Participation in the Overdraft Transfer Protection program is completely voluntary; however, there is a $3 fee per transfer.
• Resources. Salal CU believes everyone should be financially educated. We offer resources on our website, SalalCU.org, and thanks to our partnership with BALANCE, our members are able to get free, confidential financial counseling to get out of trouble or avoid getting into it. We also offer information on scams, tips on financial matters and announcements of events or promotions here on our blog.

To open a checking account with Salal, a member must be 18 or older. Members younger than 18 will need a parent’s or guardian’s signature.

Financial independence is a big responsibility, and young adults often need support as they take on the challenges of adulthood. Salal CU is here with the products and services, plus tools, resources and assistance you and your child will need. Contact Salal to get your young adult on the road to a healthy financial future.

* All Salal loans and accounts are subject to approval. Offer good on new checking accounts opened August 1 through September 30, 2011. Limit one per household. My, Emerald, Silver Horizons checking accounts only. To be eligible for the $100 deposit, the checking account must be open at least 90 days and be in good standing; at least one direct deposit must occur within the initial 90 days. A minimum of $25 is required to open a Salal checking account. Deposits will be made to eligible accounts in December 2011/January 2012. This special cash offer is subject to IRS reporting and will be reflected on your 1099. For Silver Horizons, the annual percentage yield as of August 1, 2011 is 0.25% for balances of $5,000 to $24,999 and 0.40% for balances of $25,000 and over. Fees could reduce earnings on the account.

Filed under: Money management tips, Your Money/Your Kids by admin