New Beginnings

The New Beginnings Program is specifically designed to teach our young adult members the importance of fiscal responsibility. Young adults between the ages of 18-21 are eligible to apply for a New Beginnings account.

Includes:

• New Beginnings Checking Account
  • No minimum balance required
  • $2.00 monthly fee WAIVED
  • First Order of Checks FREE [50 ct.]
• FREE Visa Debit Card
  • 4 ATM withdrawals per month FREE
• FREE Home Banking
  • Mobile App
  • Bill Payment Available
• Overdraft Line-of-Credit ²
  • $500 Credit Limit
  • Advance funds to protect checking from being overdrawn
• Visa Credit Card²
  • $500 Credit Limit [higher limit possible]

  The member may open a checking account¹ with a Debit Card and may further apply for a $500 overdraft protection and/or a Credit Card with a $500 limit, if wanted.

  Leyden Credit Union values financial education and requires any young member applying for the New Beginnings Program to participate in a 30-45 minute counseling session with an Accel Counselor.

  The member must call Accel and identify him/herself as needing to complete the counseling program for the New Beginnings Program with Leyden Credit Union. The following should be covered in each counseling session:

  • A full budget session.
  • Budget Smart software is available on the Leyden CU website.
  • The impact of missing/late payments to the credit union and how it will affect your credit score.
  • Charge-offs.
  • Bouncing checks & possibly losing checking account privileges.
  • What is CHEX Systems and why it’s used.
  • Encourage the member to call Accel if their financial situation changes.
  • Advise the member to call Leyden Credit Union if they become unemployed.

   

NOTE: Those wishing to join Leyden Credit Union must meet the eligibility requirement of living, working or worshipping in one of the following townships: Leyden, Addison, Elk Grove, Maine, Proviso, Lyons or York.

¹ In addition to Regular Savings account required of all Leyden CU members.
² Subject to qualification & approval. Some restrictions may apply.