SAN JOSE, Calif.– Meriwest Credit Union has introduced the “SMART Start Checking Account” for youth ages 9 to 17.
The debit-card-based account is designed to promote financial responsibility, independence, and smart money management from an early age, the $2.1-billion Meriwest CU said.
“With the SMART Start Checking Account, parents can empower their children to develop essential money-management skills,” the credit union said in a statement. “This account is not just a way to manage daily cash flow; it's a gateway for young adults to gain a sense of financial independence and learn vital lessons about personal finance.”
Key Features
According to Meriwest, key features of the account include:
- Parental Controls that provide added security and peace-of-mind, “allowing parents to monitor and guide their child's financial journey.”
- Independence, as it eliminates the need for teens to rely on their parents' credit cards or carry cash.
- Responsibility, as by “introducing financial management and savings techniques at an early stage, young account holders can develop key skills that will serve them throughout their lives.”
- Learning and reward via the Zogo financial education tool, which offers hundreds of online financial education modules where accountholders earn points towards an array of gift card options.
Funding the Account
Meriwest said the account can be funded through mobile and online banking, as well as via the branch. Parents can also add funds through account-to-account transfers in online banking, it added.
"At Meriwest, we believe in empowering today’s youth to prepare for their financial future. The SMART Start Checking Account is designed to instill smart financial habits and promote independence from an early age. We want to create a generation of financially savvy young adults who are well-prepared to achieve their goals," VP-Marketing Teresa Caseras said in a statement.
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