CHILDREN SAVINGS ACCOUNT

IMPORTANT  THINGS YOU SHOULD KNOW ABOUT  THE AbCCU CHILDREN’S SAVINGS ACCOUNT

1. WHAT IS THE ABOSOMANKOTERE CHILDREN’S SAVINGS ACCOUNT?

This is a form of savings account targeted at children.

2. WHAT IS THE AGE QUALIFICATION FOR THE CHILDREN’S ACCOUNT?

Any age. Except that children below eighteen (18) years will need parental guidance. Children’s savings accounts which are jointly opened by parents and their wards below eighteen (18) years are withdrawable when the need arises, by the parent, not the child or infant.

3. DO I NEED TO PROVIDE ANY DOCUMENT WHEN OPENING THE CHILDREN’S SAVINGS ACCOUNT?

Yes, any of the national identification cards, photocopy of birth certificate of the child, passport- sized photograph of the child, passport-sized picture and national ID of parent when the account is jointly owned, and an address- both residential/ home or business address.

4. WHAT BENEFITS CAN I DERIVE FROM THE CHILDREN’S SAVINGS ACCOUNT?

ƒ Attractive interest on saving quarterly, ƒ Easy access to funds. ƒ Safety and reliability of funds.

5. HOW CAN I WITHDRAW MONEY FROM A CHILDREN’S ACCOUNT?

ƒ By filling in a withdrawal form by the parent of the account holder when the account is jointly owned.