Teen Savings

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“It’s never too late,” goes the old adage, but when it comes to saving, early is always better! Our teen club savings — T-Club for short — is the ideal account to reinforce valuable financial lessons that will stay with your teens for life. 

Your teens will gain entry into MFed while earning competitive dividends on their balance. And with free online tools, teens can learn about online banking and mobile banking, where they can track their growing savings and manage their expenditures. Get them started today!

Summary
  • Account exclusively for teen savers, ages 13 to 17*
  • Start them on the road to financial success
  • Includes free Miramar Federal Credit Union membership
  • Interest bearing account on balances over $100
    • Dividends are compounded daily and credited monthly
  • Minimum balance requirement of $5
  • Free online banking
  • Free mobile banking
  • Free eStatements**
  • Free debit card***
  • $5 minimum deposit to open and maintain membership
FAQ

What can adults do?

The adult can do everything a teen can do but won’t receive a debit card. The adult can sign in with the shared Username and Password to transfer money and manage account details. Adults will also have the option to set up text alerts and email notifications for card transactions and account activity.

What are the eligibility requirements for T-Club?

Account requires an adult as the account’s joint legal owner, with teen acting as the primary account holder. Joint owner must:

  • Be at least 18 years old;
  • Be a Parent or Legal Guardian (proof required);
  • Have a primary account and in good standing with Miramar Federal CU

Both owners must be U.S. citizens or permanent residents with a valid Social Security number

Can I have more than one Teen Club Account?

If you’re the teen, you can only have one T-Club Account. If you’re the adult on the account, you can be a Joint/Guarantor on another T-Club account where you are also the Legal Guardian.

What fees will I incur if I have a T-Club Account?

Just like with our other checking accounts, there are no fees for having a T-Club Account. Refer to our Fee Schedule for extra services.

Does T-Club come with checks?

No, T-Club doesn’t come with a check option, it’s totally electronic and utilizes a debit card only. Your debit card can be used for purchases or to get cash.

Does T-Club come with Bill Pay?

Yes, this account comes with Online and Mobile Banking–Bill Pay is accessed through them.

How do I set up Direct Deposit to my T-Club?

You can set up Direct Deposit by giving your T-Club Account Number and our Routing Number, 322281426, to your employer. Remember, you can choose to have all or only a portion of your paycheck direct deposited.

Can I use personal finance software to track my T-Club transactions?

Sure. Downloading your financial transactions to your personal finance software, like Quicken®, Money® or CSV downloads works the same way it does for our other accounts.

How do I make deposits into my T-Club Account?

If you are at least 18, you can deposit cash or checks using any of the ways below. If you are under 18, you can deposit checks any of the ways below, however, an adult has to be present when you are depositing cash.

  • Transfer money between teen Checking and Savings Accounts through Online or Mobile banking. However, only the adult holder on the account can make an electronic deposit if the young adult is under 18 and only has one of those accounts.
  • Deposit Checks Using Mobile Deposit from our mobile app.
  • Set up Direct Deposit: Provide your T-Club Account Number and our Routing Number, 322281426, to your employer or financial institution.
  • Deposit cash and checks at our main branch or shared branch location (CO-OP Shared Branching Network)–30 in San Diego County and 5,000 nationwide. Locate one near you.
  • Mail a check for deposit: Send it to (and be sure to sign the back and include your Account Number on the check):

Miramar Federal CU
PO Box 261370
San Diego, CA 92196-1370

How do I withdraw money from my T-Club account?

If you’re the teen on the account, you have a few options to get cash:

  • Use your MFed Debit Card to access cash for FREE at over 50,000 ATMs nationwide when you want it (CO-OP and MoneyPass Networks); or get cash back when you make PIN-based purchases.
  • Access your cash from our main branch or shared branches–30 in San Diego County and 5,000+ nationwide. 

Is there a limit on the number of transactions (deposits or withdrawals) I can do in a month? 

No. You can do as many transactions as you like (unlike a savings account, which is limited by federal regulations to 6 withdrawals per month).

*Account requires an adult as the account’s joint legal owner, with the child acting as the primary account holder. Joint owner must:

  • Be at least 18 years old
  • Be a parent or legal guardian (proof required)
  • Have a primary account and in good standing with Miramar Federal CU

 **eStatements are provided; account holder may opt out of paper statements

***Issued at the request of joint owner/guarantor

Set them up for success!