Junior Accounts
Kudos Account (0 to 24 years)
This account is specifically designed to meet the needs of our youth while establishing themselves on a limited budget. The account features the following:
• Unlimited use of Osoyoos Credit Union’s ATM
• Free Interac/Point of Sale transactions
• Daily interest on account paid monthly
• No charge for cheques, (member pays for cheque orders)
• Free monthly statement
• 10 free withdrawals from any institution’s ATM per month anywhere
• Unlimited Visionlink (telephone banking)
• Unlimited MemberDirect (Internet banking)
• Free Student MasterCard® (subject to approved credit)
• Educational Loan/ Line of Credit available on approved credit.
Conditions
Student MasterCard® will be subject to the lending
criteria as determined by MasterCard®.
RESP (Registered Education Savings Plan)
A Registered Education Saving Plan is a governmentapproved
plan for the purpose of providing postsecondary
education funding for a beneficiary.
Income earned within the plan is not taxed until it is
withdrawn. For more information please contact our
knowledgeable staff.
Student Services - Educational Line of Credit
Designed specifically to assist in covering the cost of attending a post secondary institution. Funds can be used for living expenses, tuition and books. The student and /or co-signor will be required to meet the normal lending criteria required by Osoyoos Credit Union. The line of credit will require monthly interest payments during the time the student is attending a post secondary institution. The line of credit will bear an interest rate of Prime. Within twelve months of completion of studies, the line of credit will be converted into a term loan with regular monthly payments. The interest rate will be changed to prime plus 1%, with monthly payments amortized overa maximum term of 15 years. These loans will be reviewed annually and payments are to be adjusted annually as required to ensure payment in full of the loan within the original amortized term.
