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My Money -- A Checking Account for Young Adults

A great, FREE checking account for young adultss to begin managing their finances. Read our F.A.Q. for details!

• Minimum balance to open $25
• No minimum balance requirement
• No monthly service fee
• Must be between the ages of 15 – 20 years old
• Electronic statements are available via PC, tablet or smartphone
• Earn cash for each debit card transaction
For each statement cycle, you may earn an
incentive of $0.10 for every MasterCard debit card signature-based or Point-of-Sale (POS) PIN-based transaction (excluding ATM transactions and recurring debit card transactions) POSTED to your account up to a maximum of $10.00
A Free Savings account will be established and linked for the purpose of receiving your earned incentive. Earned incentives are deposited to your savings account after each checking account statement cycle.  Interest on your  savings account is compounded and credited quarterly.

 


Other Benefits
Free Falcon 24-Hour teller by phone:
(956) 718-2611 - Laredo
1 888 944-2611 - All Markets

Free Personalized MasterCard Debit Card


Online Banking & Bill Pay
Free Online Banking & Bill Pay

Statements
Monthly statements are only provided through electronic statements (E-statements) available via PC, tablet, or smartphone

 

*For each statement cycle, you may earn an incentive of $0.10 for every MasterCard debit card signature-based or Point-of-Sale (POS) PIN-based transaction (excluding ATM transactions and recurring debit card transactions) POSTED to your account up to a maximum of $10. Transactions may not POST to your My Money account on the same day the transaction is conducted. This account requires that a savings account be established and linked for the purpose of receiving the incentive. Earned incentives will be credited to your linked savings account at the end of every My Money checking account statement cycle. If you should close your My Money checking account or linked savings account prior to the incentive being paid, the incentive will be forfeited. My Money checking account is not eligible for Overdraft Privilege or check writing privileges.

 


Frequently Asked Questions (F.A.Q.)

Q: How does the young adult receive the $0.10 reward credit?

A: Each time he/she uses his/her debit card as a POS or PIN-based transaction, they will accrue $0.10. (Excludes ATM withdrawals and recurring debit card transactions)

Q: Is there a limit on how much cash the account can earn?

A: For each statement cycle, customers can earn up to a maximum of $10.

Q: When does the young adult receive the earned cash reward?

A: All earnings will be automatically deposited to the linked savings account after the statement cycle.

Q: What happens if the young adult closes his/her savings account?

A: The customer would forfeit any reward credit accrued and not yet paid.

Q: If the young adult already has a savings account, does he/she need to open a new savings account?

A: No, as long as he/she is a primary account holder.

Q: Does a parent or guardian need to sign with the young adult?

A: Not at all! This account can be opened and managed entirely by persons between the ages of 15-20.

Q: Can a parent or guardian sign with the young adult?

A: Yes, but the parent or guardian must be listed as a secondary signer. The young adult must be the primary account holder.

Q: Can the parent or guardian limit the amount available for purchase or withdrawal?

A: Yes, the parent or guardian would need to fill out a form indicating what limits they would like to impose on the account.

Q: Can the young adult reset those limits?

A: No, once the parent or guardian has set limits, only they can reset those limits (unless the young adult is 18 years of age).

Q: What happens to the account when the young adult turns 21 years of age?

A: The My Money checking account will be re-classified on the January following the young adultr's 21st birthday. Falcon Bank is required to give at least a 60-days' notice to customers prior to re-classification. Individuals whose birthday fall after October 31 will have their accounts re-classified on January of the following year.

Q: Will the savings account be closed after the MyMoney checking account is re-classified?

A: No, the customer may continue to use his/her savings account.

Q: What type of documentation is needed to open this account?

A: For Domestic--A Valid ID/Driver's License OR Birth Certificate with School ID/Library Card AND Social Security Card. // For Foreign--Passport of Visa Laser.

Q: Can the young adult write checks against this account?

A: This account is designed to be used as a debit card transaction account.

Q: Can the young adult have Overdraft Privilege on this account?

A: No, this account will not qualify for Overdraft Privilege

Q: Can the young adult open the My Money account if he/she do not have an e-mail address?

A: No, this is a paperless account. In order for the young adult to receive e-statements, he/she needs to be enrolled to online banking which requires an e-mail address.