"Vehicles today are very expensive, whether new or used. Used vehicles seem to really be holding their values. As such, we needed to finance a 2008 truck.
After calling around to other financial institutions, no one would extend a loan to us based solely on the age of the vehicle. We wanted you to know what an important role you play in the lives of IMKCFCU members. Not only do you offer wonderful interest rates, but you are filling a gap that others don't offer.
Thank you for providing such wonderful services to its members."
Uniform Transfers to Minors Act (UTMA)
Under the UTMA, an adult may make an irrevocable transfer to a minor (under 18 years of age). A custodian is appointed to manage and control the custodial property until the minor reaches the age of majority (18), if not later but under no circumstances beyond age twenty-one (21). Generally the transfer results in a tax advantage to the transfer or donor.
There are no minimum balance requirements. A UTMA account earns the same dividend rate as a regular savings account. Dividends are compounded and credited to the account quarterly on the average daily balance.