Tech CU Adds Family Banking to Suite of Products
Allows Members to Teach Their Children About Money and Fiscal Responsibility
SAN JOSE, CA–(Marketwired – May 24, 2016) –
Tech CU (Technology Credit Union) today announced that it has added Family Banking to its suite of products. Designed to simplify financial transactions between family members, the new Family Banking product allows both a parent and child to link their accounts, transfer money, track balances and monitor transactions — all at no charge. Given the importance of developing long-term financial skills, Family Banking is a tool for parents to teach their children about money.
This product is the brainchild of Todd Harris, Tech CU’s CFO & CAO, who wanted a better way to interact financially with his kids. “It can be difficult for a parent to make sure they have the correct amount of cash on hand for allowance every week. It can also be a challenge to remember to get reimbursed for items your kids promised to pay for,” says Harris. “Family Banking changes this — allowing for instant deposits and reimbursements. A child can easily pay back a parent while waiting in a checkout line or shopping online.”
“It’s our hope that Family Banking will open up a channel for parents to have an honest dialogue with their children about budgeting, saving, financial goals and financial planning,” added Harris. “We designed our Family Banking product to be as similar to the real world as possible. Kids will truly experience what it’s like to manage their money.”
Family Banking allows members to:
- Give a child his/her own account — providing them an early sense of responsibility and ownership.
- Issue a debit card to their child, allowing them flexibility and independence, as well as the ability to take advantage of services like Apple Pay.
- Monitor and track their child’s spending and saving through online or mobile banking.
- Receive alerts if funds in the child’s account are low or transactions exceed a certain limit set by the parent. The child’s account is setup so it cannot be overdrawn.
- Deposit money quickly via account transfers, which automatically connect both the parent’s and child’s account. This feature can be used to pay a child’s allowance, and allow a child to reimburse a parent for purchases made.
“This tool has broader applications — such as helping an adult child monitor and manage an elderly parent’s account. It can also enable parents to pay for their college-aged children’s living expenses,” said Harris.
For children ages 13 and older, parents can open up an account online or in a branch. Accounts for children ages 10-12 must be opened at a Tech CU branch. Family Banking is not available for children under 10 years of age.
To learn more, visit www.techcu.com/familybanking.
ABOUT TECHNOLOGY CREDIT UNION
Tech CU (www.techcu.com) is a $2 billion credit union serving more than 75,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today we continue to be an industry leader, providing innovative financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves a customer satisfaction rating above 95 percent and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.