Buck Club Guidelines

buck-paws

Meet Buck, the new Buck Club Mascot. Buck will be snooping around encouraging young children and young adults to “Get on the Save Wave” with Riegelwood FCU. This special youth savings program is designed to encourage youth to save…save…save! Buck will teach young savers to put their needs before their wants. He will be looking for committed savers and thrifty spenders for his special new Buck Club!

To become a successful Buck Club Saver, youth and parents/guardians should be committed in following the account guidelines as listed below:
BRING IN YOUTH TO OPEN AN ACCOUNT AND BRING REQUIRED DOCUMENTS:

  • Social Security Card or Birth Certificate a must.
  • PARENT/GUARDIAN JOINT OWNER CONSENT:
  • State issued ID required (DL or photo ID) a must.
  • Youth and Parent/Guardian must sign signature card as joint owners.

PASSBOOKS:

  • Each account will be furnished with this important savings tool.
  • Passbooks needs to be brought to CU for every over-counter transaction (direct deposit not included).
  • Passbooks insure BC member special savings incentives (cannot award incentives without passbook).
  • BC members will receive quarterly statements (staff will not be responsible for balancing passbooks to statements)

BALANCE REQUIREMENTS:

  • Account may be opened with minimum $5 deposit.
  • Account requires minimum $25 balance within 60 days.
  • Quarter-end reminder letter sent to BC members below $25 minimum balance.
  • Accounts with balance below $25 may be force-closed after 90 days.
  • Force-closed accounts will be mailed account balance by check in 90 days to name & address on account.
  • Youth cannot reopened a BC account for at least 90 days after an account has been forced-closed.
  • BC members will be shown by staff how to enter deposits to their passbook.
  • Buck highly discourages withdrawals from youth club accounts.
  • The Buck Club is a savings account and should not be used as a transaction account.
  • BC Member or Joint owner may be asked for proof of identification (Passbook, BC Membership Card, ID).
  • Limited withdrawals of 2 per quarter to remain a Buck Club member.
  • More than 2 withdrawals per quarter may revert the BC to a regular savings (no youth incentives).
  • Members will be notified by mail if account is reverted to regular savings due to excessive withdrawals.
  • Bring Passbook to credit union for all over-counter transactions.
  • Staff will show BC members how to document a withdrawal in their Passbook.

REPRESENTATIVE PAYEE ACCOUNTS:

  • Youth RPA must open another youth Buck Club Savers Account to be eligible for club incentives.
  • Due to compliance issues RPA accounts cannot be a Buck Club Account.

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