Custodial Savings Accounts FAQs

What is a Custodial Savings Accounts?

  • A Custodial Savings Account is a savings account that offers the benefit of a custodian to administer the account on the behalf of a beneficiary.

How do I open a custodial savings account?

  • Come into any OCFCU branch location and a Member Service Representative will assist you in opening an account.  You will need
    • Social Security card of the minor and the Social Security number of the custodian
    • Driver’s license or state-issued identification of the custodian
    • Initial minimum deposit

Are accounts NCUA insured?

  • All accounts are NCUA insured up to $250,000 per ownership category.

Are there any fees with this account type?

  • No.  There are no monthly fees associated with this account.  A dormancy fee will be assessed if the member is over 18 years of age and there has been no activity on the account in the past 12 months.

Is there a limit to the number of withdrawals I can make?

  • You may make an unlimited number of unrestricted withdrawals but Regulation D limits you to six restricted withdrawals per month.  After the sixth restricted withdrawal, you will be charged a fee per restricted withdrawal.

How do I keep track of my savings?

  • OCFCU will send you a quarterly statement showing your account activity unless there is an Electronic Funds Transfer (EFT) associated with this account then you will receive monthly statements.  Use our It’s Me 247 Online Banking or Mobile Web Banking to check on account balances and transactions.  You can also call CU*TALK, our automated account information line at 1-800-860-5704.

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