How do I open a Tuition Saver Account?

• As long as you have a current Share Saving Account, we can open a Tuition Saver Account during one of your visits to an OCFCU branch.
  • You will need:
    • Social Security card of the minor and the Social Security number of the adult
    • Driver’s license or state-issued identification of the adult
    • Deposit of at least $25.00.

Can more than one Tuition Saver Account be opened per child?

• Yes, but only one account is eligible for the Catholic Event matching funds.

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.

What dividend rate will I earn?

• Dividends on these accounts are tiered and paid monthly on an average daily balance of $25 or more.  If your balance is below $25, the account will not earn dividends.
• Special dividend rates have been assigned to Tuition Saver Accounts.

When will Ohio Catholic match the deposited funds for the Sacraments received?

• Matching deposit funds up to $20 are available within the first 60 days after the child receives any of the following Sacraments:
  • Baptism
  • First Communion
  • Confirmation
• Ohio Catholic will have opportunities throughout the year where the conditional 60-day period is waived.

How much will Ohio Catholic match?

• Within 60 days of the child receiving the Sacraments, Ohio Catholic will match up to $20 for the first deposit made to the account with the proof of Sacramental record.

Can funds be withdrawn for any reason?

• A hold equal to the amount of any matching deposit funds will be placed on the account until a qualifying withdrawal is made.
• Withdrawals, including matching deposit funds, may be made at any time for a qualified distribution. Qualified distributions are the following:
  • Check made payable to a Catholic Grade School or High School
  • Check made payable to a College, University or Trade School
  • Matching deposit funds will be forfeited if all or any portion of the funds are withdrawn for any non-qualified distribution.

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.

Who can withdrawal funds?

• If a joint account is opened then either the primary account owner (child) or the secondary account holders can withdraw funds.  It a custodial account is opened, then only the custodian may withdraw funds.

Is there an ATM card associated with this account type?

• No.

Can I set-up for automatic payments to the school?

• No.

Can I set-up for automatic deposits to the account?

• Yes, automatic direct deposits can be set-up at any time.  A Member Services Representative at any OCFCU branch can assist you.

How do I keep track of my Tuition Saver Savings Account?

• OCFCU will send you a monthly statement showing your account activity.  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.