The increasing number of young people who are starting off their adult lives deep in debt and barely surviving from paycheck to paycheck is alarming.

Much of this trend can be attributed to lack of experience and training when it comes to the basics of money management. USU Charter Credit Union has implemented a program that provides high school students, ages 14 to 18, with the experience and education they need to better manage their finances when they enter adulthood.

Our SmartMoney program provides high school age students with a basic checking account, a debit/ATM card, and a modest-limit credit card. The program includes basic money management seminars for students (and their parents) offered at the Credit Union, as well as resources for local high schools to provide money management courses to students. A key element of the SmartMoney program is the feature allowing for parental control and oversight on each account.

Features of each SmartMoney Account are:

• Free checking account
• Free debit/ATM card
• Free access to ATMs
• No-annual-fee credit card with a 25-day grace period
• Free web access to the account
• Free bill payer services on the web
• Money management seminars and training
• Parental control and oversight
• Goal oriented savings accounts

Parents are encouraged to act as joint-owners and co-signers on SmartMoney accounts but they are not required. However, parental permission is required for any person under age 18 to open a SmartMoney account.

Students must complete a Credit Union money management course or an equivalent to qualify for a SmartMoney account unless a parent or legal guardian is a joint owner/co-signer on the student’s account.

For more information about the SmartMoney program or Credit Union sponsored financial education for youth, please contact us at any of our three Cache Valley offices, by telephone 753-4080, or contact our financial education instructor by email: moneyteacher@usuccu.org

The SmartMoney program is just one more example of USU Charter Credit Union’s commitment to providing quality financial education and services to the people of Cache Valley. We do more for you and your money.

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