Oklahoma Credit Union launches youth accounts for unhoused and transitioning youth; $5 starter deposit and no fees
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Summary
Representatives from Oklahoma Credit Union presented a youth banking program that opens accounts for vulnerable youth without guardians, offers no monthly fees or minimum balances, assigns a certified financial counselor, and provides a $5 starter deposit and waived checking fees.
Representatives of the Oklahoma Credit Union told the Oklahoma Commission on Children and Youth about a Youth Banking Partnership program designed to expand account access and financial education to unhoused and transitioning youth.
Tammy Kilman and Amanda Kirby of the Oklahoma Credit Union described a program that opens savings and checking accounts for youth who lack a guardian or stable address; the credit union will accept shelter or community addresses and has created an OKCU letter-of-ID process for youth who lack standard identification documents. The program is aimed at youth commonly served by Bridges and other youth services; staff reported more than 50 accounts opened to date and outreach events that drew strong interest.
The program's features include no monthly fees, no minimum balances, a robust mobile banking app, and one dedicated certified financial counselor who will be a consistent point of contact for youth. Amanda Kirby said, "Our mission at OKCU is to help Oklahomists do more with their money," and described workshops on budgeting, credit education and financial security. Commissioners noted the credit union provides an initial $5 deposit for new youth accounts and is waiving a $25 checking-account fee, steps commissioners said would help remove barriers to account ownership.
Program staff said the initiative targets youth roughly ages 14 up to the early 20s (about 22–24) who are unaccompanied or aging out of state care. The credit union emphasized appointment-based account openings to establish goals with each young person and a process to verify Social Security numbers or other identity proofs; staff said many youth know their Social Security numbers even if they do not carry cards.
Ending: Commissioners praised the partnership. Staff said they will continue outreach across the state and coordinate with youth-serving organizations to expand account openings and workshops.
