Summary of Core Credit Union’s policy on minor accounts, covering withdrawals, lodgements and restrictions.
Withdrawals on a Minor Account
Core Credit Union applies the following rules when withdrawals are requested from a Minor Account:
Ages 0–6
Withdrawals may only be made by the parent or legal guardian who opened the account.
Ages 7–16
Both the minor and the parent or legal guardian who opened the account must be present to complete a withdrawal.
All withdrawals from a Minor Account must be solely for the benefit of the minor, regardless of the child’s age or ability to sign.
Withdrawals Not Permitted
The following types of withdrawals are not allowed on Minor Accounts:
School fees – Education costs are the legal responsibility of the parent or legal guardian
School equipment – Items such as computers, tablets, or books required specifically for school use.
High-value purchases – Including cars, holidays, or electronic items that are not exclusively for the child’s benefit. the parent or legal guardian
Illegal items – Such as alcohol, cigarettes, or any prohibited substances or goods.
Electronic Funds Transfers (EFTs)
EFTs may only be set up on a Minor Account where:
The beneficiary account is in the full name of the minor, or
The transfer is to a third-party account and evidence is provided confirming the funds will be used exclusively for the child’s benefit.
Lodgements to a Minor Account
Anyone may lodge funds to a Minor Account by completing and signing a Core Credit Union Ltd. lodgement slip.
Online Access
Please note that online access is not available for Minor accounts.
"Supporting our junior members for a brighter future."