The State Employees’ Credit Union FAT CAT program helps children gain knowledge of basic financial concepts and learn the importance of money management early, giving young members tools that can benefit them throughout their lives.
The program offers a FAT CAT Share account where young members can save and watch their money grow. A FAT CAT Share account can be opened at any State Employees’ Credit Union branch for children ages 12 and under who are eligible for membership.1
The account must be joint with a parent, grandparent, or other responsible adult who is an existing member with a regular share (savings) account.
- Dividend-earning deposit account.2 View our current Deposit Rates.
- Dividends are compounded daily and paid monthly
- $5 minimum opening deposit
- Only deposits are allowed until the account reaches the $25 regular share (savings) account minimum, which must be maintained while the account remains open3
- Limited to six convenience withdrawals or transfers from the account per month4
- New members receive a FAT CAT Goody Bag with FAT CAT specialty items, including a Passbook for transaction records
- Other FAT CAT resources include a dedicated FAT CAT website and a quarterly FAT CAT Paw Prints newsletter with fun and educational information and activities
Group Term Life Insurance Coverage
The child is eligible to receive $1,000 of Group Term Life Insurance
at no cost. The child’s parent/guardian can increase this coverage to $10,000 for $18 per year.5
For detailed information about FAT CAT services, visit the For Parents
page on the FAT CAT website.
1 All account holders must be members.
2 Dividend rate and annual percentage yield (APY) are subject to change daily at the discretion of the Board of Directors.
3 Withdrawals are allowed when the FAT CAT Share account balance exceeds $25.
4 Federal Regulation D limits the number of convenience withdrawals and transfers from a share account to a maximum of six per month. Convenience transfers include transfers made online, through ASK SECU, via phone to a branch or Member Services, and transfers resulting from your participation in our Overdraft Transfer Service. Transfers made via mail, ATM, in-person at the branch, and any payment transfers to your SECU loans are not subject to these limitations.
5 FAT CAT and Zard Group Term Life Insurance is provided by SECU Life Insurance Company. Life Insurance is not guaranteed by, or an obligation of, any credit union and is not insured by NCUA.