New Checking Option for Teens

Sep 2, 2014 3:46:06 PM

The Varsity Life Account allows teens to develop important money-management skills, while also maintaining parental access to their accounts.

The Varsity Life Account Features:

  • Free Checking Account with Debit Card
  • Free interest-earning savings account
  • Optional Club Savings Account for additional savings goals

To open a Varsity Life Account, parents must first establish a membership for their teen by opening a Share Savings Account on which they are a joint owner1. They will then add a Varsity Life Checking Account on the new membership. Parents must open this account in an HUECU branch; however, it is not necessary for the teen to be present.
The Varsity Life Checking comes with an HUECU Debit MasterCard® with a daily limit of $300. It also features unlimited free ATM transactions and up to $10 surcharge refunds per month from other institutions. A free starter pack of checks is also available by request.

Click here to learn more about the Varsity Life Account.

1. HUECU requires a minor to have a joint account owner (residing at the same address) who will be jointly liable for any returned item, overdraft or unpaid charges and/or fees. When account minor turns 18 he or she will be notified and have a choice of any HUECU checking account. If no checking account is chosen by their 19th birthday, the account will automatically become a Crimson Essentials account. A link may be established to the Share Savings Account or a Joint Owner’s Checking or Share Savings Account enabling pre-authorized overdraft protection. We may pay funds directly to the minor without regard to his or her minority.
2. Withdrawals are not permitted before May 1st unless closing the account. Check the schedule of fees for full details.