A.    Gamme-Junior Account

Junior Gaammee is the second Gadaa grade in which children with the age group between 9 -16 are classified. They are mainly student in characteristic. Gamme-junior account in CoopBank is a saving account designed for children aged from 0-15 years.

It is opened in the child’s name. But, usually operated by the parent and/or guardians until the child is old enough to operate the account by him/herself. It can also be opened and operated by the children themselves independent of parents/guardians if it is proved that they have income of their own.

It can be opened and operated by the parents jointly, by the parent or guardian, or solely by themselves. Transactions are supervised/managed by parents/guardian/tutor and withdrawal requests are handled as agreed by parents. If the parent/guardian who had opened the account becomes incapable to exercise or loses his/her power of guardianship for various reasons, another guardian appointed by the law shall operate the account by producing a legal document, which ascertains his/her sole guardianship authority.

Birr 100 will be credited to their account by the bank as an incentive when their average six months deposit level reaches Birr 30,000.00(Thirty Thousand Birr) and above. Birth certificate or any evidentiary document issued by pertinent local or federal government organs shall be presented during account opening.

Additional Features

• No minimum deposit to open this account.
• No transaction fee and account maintenance are free.
• No debit card is issued on this account.
• Better interest rate than the normal saving rate will be applied on the account.
• The Account should be opened in such a way that the Bank would be able to make payment:

• To the junior when he/she attains the age of youth (as internally defined by bank’s procedure) by ascertaining it via pertinent documents to this effect.
• To his/her guardian appointed by the court of law when his/her parents die while he/she is a minor.
• Children that have proved to have income of their own and who opened the account by themselves can have access to their deposit account any time they need.

Benefits

• It provides seed money for children in their later age,
• No transaction and account maintenance fees.
• There is higher interest rate and other benefits attached to this product.
• Teach saving culture to the children
• Build up future planning.