Bank Accounts for Kids

For some time, I have been wanting to open a bank account for the kids.  We currently have 529 Savings Plans for both but they don't have bank accounts.  Last Friday, I decided to take a short walk from County Auto to NEFCU on Merrick Road to kill time as my SUV was undergoing it's annual car inspection.  The week before, I received a statement from my Citibank business account showing a $30 monthly fee.  What?  Back the truck up!  Where did this come from?  Citibank did a bait and switch on me I see.  I remember sitting in on a Forest Road Elementary PTA meeting earlier this year where a representative was pitching the parent/teacher group on opening accounts for their children and thought, let me go check them out and see what else they have to offer.

I walked in and discovered a beautiful lobby, well lit office space complete with friendly faces and no waiting.  I was practically sold!  In the past, credit unions only allowed customers in if they were employees of a specific group or if you were sponsored by someone.  As a stay-at-home mom, I decided to go see if this were still so and found that it wasn't.  I learned that I could open a no-fee non-profit business account as long as I opened a personal account for myself.  Did she say no fee?  Down from $30/month to no fee?  Sold!  I also learned that there was a several youth accounts called Dollar Dog Kids Fund, Elements Teen Share Account, and the Elements Teen Checking.  The Dollar Dog Kids Fund can be opened with as little as $5 and if your child brings in their Dollar Dog Kids card, they will receive little gifts such as stickers, and plastic what nots.  As if I need more plastic what nots, but if this is what excites the kids into saving their money, I'm all for it.

Other benefits of the Dollar Dog Kids Fund include:

  • The Dollar Dog Clubhouse website

  • FREE Dollar Dog Membership Card

  • FREE Gifts - Receive a complimentary gift at account opening and earn additional prizes with every deposit.

  • Dollar Dog Newsletter

  • Other club benefits include kid events throughout the year and more!

  • Sign me up!

    Valley Stream Branch Location
    264 East Merrick Road
    Valley Stream, NY 11582
    Phone: 516.561.0030

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