Rules for the operation of Childrens’ Savings Accounts in CANA Credit Union

For the purpose of these rules the following definitions apply:

  • Minor a child under the age of 16.
  • Sponsor a qualifying member opening an account on behalf of a minor.
  1. Membership of CANA is open to minors under the age of 16 if he/she is a member of the same household as, and is a member of the family of, another person who is a member of CANA Credit Union and who has a direct common bond with those other members.
  2. A Minor’s Membership Application form must be completed and signed by the sponsor.
  3. On opening the account the Sponsor nominates the person(s) authorised to make withdrawals from the account until such time as the minor reaches the age of 16.
  4. Only the minor’s parent(s)/guardian may be nominated as authorised signatories.
  5. A minor under the age of 16 has no voting rights in the Credit Union.
  6. The account may be operated as a saving account only. Loans will not be granted to any person under the age of 16.
  7. The account will be opened and operated for the sole benefit of the minor in whose name the account is held. Funds in the account are the sole property of the minor in whose name the account is held.
  8. The person(s) nominated on the application form may withdraw from the minors account at any time up to the minors sixteenth birthday- thereafter the minor has sole control over the account. Withdrawals made by the Nominated Person(s) must be applied for the sole benefit of the minor in whose name the account is held. The Nominated Person(s) will be required to confirm this each time a withdrawal is made from the account by signing the special Minors Savings Account Withdrawal Form which is available to download from our website
  9. Withdrawal applications made by minors under 16 must be countersigned by the nominated person(s).
  10. Only the person(s) nominated shall have access to the savings held in the minors account. (please also refer to Rule 8.)
  11. Savings held in a minors account shall not serve to augment the shares of the sponsors/nominated person(s) for the purposes of any loan application by them.
  12. Savings held in a minors account shall not be held as security for sponsor or nominated person(s) borrowings.
  13. Upon reaching the age of sixteen the minor will qualify for full membership of the Credit Union and the standard membership fee will become payable.
  14. Only one account per minor is permitted.
  15. The address used must be the minor’s primary address i.e. the address where custody and control resides. Statements will issue to this address.
  16. Any issue that arises not covered by the above rules will be referred to the Board of CANA Credit Union Ltd whose decision will be final.