1. Introduction
1.1 These Under 16 Terms and Conditions (‘Conditions’) are between you and Glasgow Credit Union Limited (credit union/us/we/our). You agree to them by applying to become, and through remaining a Member, and by using any of our digital services.
1.2 These Conditions cover various products you can use for the purpose of savings for your child until they reach the age of 16, or in the case of a Child Trust Fund (CTF), age 18.
1.3 Glasgow Credit Union has no contractual or legal relationship with your child in the operation of these products.
1.4 The Under 16 account is held in trust by you as the ‘Trustee’ and your child is unable to vote, borrow money or apply to sit on the Board of Directors.
1.5 You are responsible for making sure that you and your child use our products in line with these Conditions.
1.6 Your Glasgow Credit Union Membership Terms and Conditions also apply and should be read along with these Conditions.
2. Contacting us
2.1 To update us on any changes to your or your child’s information, or if you have any questions about these Conditions, there are several ways to contact us:
In app: Complete a support request.
By phone: Call us on 0141 274 9933.
In writing: Send a letter to Glasgow Credit Union, 95 Morrison St, Glasgow, G5 8BE.
3. How the Under 16 account works
3.1 An account opened under these Conditions will generate a new Membership Number. Whilst the account will be displayed in your child’s name, you will remain the Trustee until the child/children reach the age of 16. Eligible deposits in your child’s account(s) are protected by The Financial Services Compensation Scheme (FSCS). See our FSCS information sheet for more information.
3.2 You, as the adult, need to have an active Glasgow Credit Union Membership before you can open an account under these Conditions. If we need to close your Glasgow Credit Union Membership account for any reason, we’ll also close any accounts under these Conditions.
3.3 Your child must remain a United Kingdom (UK) resident, and you must be the parent or legal guardian of any child named on the accounts. We may ask for proof of your relationship with the child, or other information to verify you, or your child’s identity at any time.
3.4 You will be able to view any account under these Conditions within our mobile app or by contacting us. Your child will not have independent access to the account either through our mobile app or by contacting us.
4. Turning 16
4.1 Your child can apply for their own Glasgow Credit Union Membership when they turn 16. We will contact them around the time they turn 16. They will then become the legal account holder and will be classed as an adult member of Glasgow Credit Union which may also involve transferring their savings product to our Membership Savings Account. These Conditions cease to apply when a child turns 16. Our Membership Terms and Conditions will therefore apply to the accounts when your child turns 16.
4.2 You will cease to have any access to, or any control over your child’s account or funds when your child turns 16.
4.3 Your child will be required to verify their identity to access any funds in their account. If they choose not to apply for credit union Membership when they turn 16, they will only be able to withdraw the funds from their account after they turn 16 when they verify their identity. Funds withdrawn from an account after turning 16 will only be paid to a UK bank account in your child’s name.
5. Closing your account
5.1 You can close a product under these Conditions at any time by getting touch. To do this, please get in touch with us. You will need to transfer any balance to your Glasgow Credit Union Member Savings account.
5.2 We reserve the right to close a product immediately if you’ve given us any false information or if you’re using the products covered by these Conditions in a manner that is not permitted under these Conditions, the Glasgow Credit Union Membership Terms and Conditions, or by law.
6. Aggregate savings balance
6.1 The minimum aggregate savings balance permitted under these Conditions is £1 and the maximum aggregate savings balance is £85,000, which is the current Financial Services Compensation Scheme (FSCS) limit for credit unions and UK financial institutions.
7. General
7.1 For information on making deposits, making withdrawals, receiving dividends, or making a complaint, please refer to the Glasgow Credit Union Membership Terms and Conditions.
8. Your personal information
8.1 Glasgow Credit Union may process and retain personal data relating to you or your child whilst carrying out our duties under these Conditions.
8.2 Please refer to our Privacy Policy which can be found on our website: www.glasgowcu.com/privacy.
9. Important Information
9.1 Glasgow Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our Firm Reference Number (FRN) is 213558.
9.2 Glasgow Credit Union is a member of the Financial Services Compensation Scheme.
Under 16 Terms and Conditions, Final V1.0