You can open California Credit Union‘s Student Checking account with a single penny. That’s the minimum deposit, and it helps explain why the Cities for Financial Empowerment Fund (CFE Fund) just awarded the account national Bank On certification.
Bank On certification isn’t a participation trophy. An account has to clear the National Account Standards, a set of benchmarks for accessibility, affordability and consumer safety. The standards call for low costs, no overdraft fees and easy access to everyday banking services. The point is to give consumers and community organizations a quick way to spot accounts that won’t quietly bleed people with fees.
The account is built for students ages 13 to 25, a stretch of life when many people are still learning what a budget even is. A first checking account is often the first place to practice: tracking daily spending, watching a balance, and making small decisions that add up. Think of it as a driver’s-ed course with the training wheels still on, only for money.
The details are pretty friendly. There are no monthly maintenance fees and no minimum balance requirements. Students get a debit card, online and mobile banking, and digital wallet capabilities. They also get access to more than 85,000 fee-free ATMs worldwide through the CO-OP and Allpoint networks, and the credit union charges nothing for out-of-network ATM withdrawals.
“Helping young people develop strong financial habits early in life is one of the most meaningful ways we can support their long-term financial well-being,” said California Credit Union President/CEO Steve O’Connell. “We believe every student deserves access to the tools and resources needed to confidently manage their money and make informed financial decisions. Earning Bank On certification for our Student Checking account reflects our commitment to removing barriers to banking and empowering the next generation to achieve financial independence.”
This isn’t the credit union’s first Bank On rodeo. Its Bank On Checking account was already certified, and it’s aimed at unbanked and underbanked consumers who need a way into traditional financial services. Beyond the accounts, the credit union takes part in regional Bank On coalitions, runs financial education programs and works with community partners to help families find more stable footing.
Students can also pair checking with a Student Savings account, along with educational resources on saving, money management and preparing for big milestones down the road. More information is available at www.ccu.com/student-accounts/.
Next up, watch whether other credit unions and banks chase similar certifications for their youth accounts, and whether California Credit Union expands its student-focused education alongside the new designation. If more institutions follow, the bar for what a “first account” looks like could rise.