FAQ: Savings > Custodial Accounts

• To open a Custodial Account, does the child have to be a relative of mine?

  No. The only requirement for the party opening the account, known as the “custodian,” is that he or she must be an adult 18 years of age or older. The account must be opened in the name of the minor, and the minor’s social security number must be included on the account.

• What happens to the money when the minor turns 21 years old?

  When the minor reaches the age of 21, the custodian must deliver or pay the custodial property over to the minor.

• Are my deposits insured?

  Yes – your deposits at Wright-Patt Credit Union are federally insured up to a total of $250,000 per ownership interest by the National Credit Union Association (NCUA).