ALTON - April is National Youth Savings Month and Altonized Community Federal Credit Union (Altonized), in an effort to demonstrate its commitment to financial education, is participating by paying kids under the age of 18 to open their first account with Altonized.
Jennifer Spangler, Altonized President, said that Altonized will match the minimum deposit of $25.00 for each new youth savings account opened.
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“We are always happy to speak with kids and their parents or guardians about the benefits of beginning and following a financial plan.” said Spangler. “It’s easy for a child to be impulsive about spending and the phrase ‘money burning a hole in their pocket’ doesn’t apply to any better group of individuals.
Receiving $25 in matching funds for opening a youth account positively reinforces the act of both planning and saving for the future.”
Opening a savings account is entering into a contract with a credit union or bank and, since minors cannot enter into legally binding contracts, someone under 18 who wishes to open an account must do so jointly with an adult – almost always a family member or legal guardian, but some banks allow any adult to be a joint account owner.
Since it began promoting youth savings, Spangler says that the majority of accounts are opened by parents and grandparents – sometimes without the knowledge of the youngster, which could make for a great surprise when the youngster turns 18.
Spangler went on to say “Some parents or grandparents use savings accounts to teach their kids or grand kids a lesson; that methodical saving of small amounts of money can turn into a large sum.”
Spangler hopes that by “priming the pump” with $25 in matching funds, youngsters will be excited at the prospect of saving for something that’s meaningful.
Altonized’s Youth Savings promotion runs from April 1, 2017 through 5:00 p.m. on April 28.
To further promote National Credit Union Association’s April Youth Month, Altonized will be sponsoring
Open Play Night at RiverBender.com Community Center on Friday, April, 14, from 6:00 p.m. until 10:00 p.m. Attendees will receive fun filled swag-bags and, in keeping with the $25 theme, there will be a drawing for three $25.00 gift cards. The RiverBender.com Community Center is full of fun things to do; from shooting hoops to mountain climbing to playing air hockey and much more, there’s never a dull moment at the RiverBender.com Community Center. Please join Altonized on April 14th when they sponsor Open Play at RiverBender.com Community Center.
In addition to its Youth Savings Month promotion, Altonized will also hold a Spring Shred Day on Saturday April 8 from 9:00 a.m. to noon. In the wrong hands, confidential information can lead to theft, fraud or identity theft. Altonized Community Federal Credit Union encourages everyone to bring your unwanted documents to be disposed of securely.
Altonized Community Federal Credit Union is a full service financial institution owned & controlled by the members who join it. Since its charter in 1939, the Credit Union has been dedicated to offering personalized, reliable service to meet the diversified financial need of each member.
Membership in the Credit Union simply requires maintaining a minimum balance of $25 in a share (savings) account. The $25 represents one share & gives each member voting rights on credit union affairs, as well as the opportunity to take advantage of all financial services offered. The Credit Union is dedicated to providing its members a lifetime of dependable financial service. Once a person joins they may retain their credit union membership for life.
Altonized Community Federal Credit Union
4435 North Alby Street
Alton, IL 62002
618-466-3884
www.Altonizedfcu.org
