A few years ago our local credit union started operating a school savings scheme in my son’s primary school. My son left the school over a year ago, and received his first statement last week. His balance had dropped by approx 15%. I’ve been in touch with the credit union by email. He was charged an annual affiliation fee 3 times and a new member fee. We were not made aware of these fees before opening the account, and knew nothing about them until receiving the statement. They say the affiliation fee is charged to all members, but the new member fee should have been waved for the school account, so that will be refunded.
I’m wondering what the norm is for CU school accounts or CU children’s accounts? I’ve never heard of any kind of children’s accounts that charged fees. It’s hard enough encouraging kids to save their pocket money and birthday money - and it’s disheartening for them to see money disappearing without explanation. We will be closing the account ASAP. I plan to contact the school when they re-open, as they might not be aware of the fees.
I’m wondering what the norm is for CU school accounts or CU children’s accounts? I’ve never heard of any kind of children’s accounts that charged fees. It’s hard enough encouraging kids to save their pocket money and birthday money - and it’s disheartening for them to see money disappearing without explanation. We will be closing the account ASAP. I plan to contact the school when they re-open, as they might not be aware of the fees.