Cabrillo CU Launches Teen Checking Account

SAN DIEGO – In a move designed to help its teen age members learn about managing money and the importance of building good credit, Cabrillo CU has launched its S.O.C.A.L. (Self-Organized Cabrillo Account Life) Account for 14-18-year olds. Teens who apply for the account must complete an education workbook before obtaining a debit/ATM card. Once they complete the workbook, the teens receive a debit card, access to their account via Home Banking on Cabrillo’s Web site, and monthly statements either on paper or online e-statements. Additionally, an auto loan application is sent to teens younger than 16 on their 16th birthday. On the account holder’s 18th birthday, he or she receives a credit card application. The S.O.C.A.L. Web site currently features a teen survey, to change monthly, and an essay contest. All S.O.C.A.L. account holders are eligible to enter the contest and will receive movie tickets just for entering. The name of the winning teen will be published on Cabrillo’s Web site and will receive $25 in their account. Cabrillo President/CEO Robin Lentz said the teen checking account “will help them learn about building good credit when they are adults.”