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.
- 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
- 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.
- 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.