Frequently Asked Questions
What is the Red Hawk NEST EGG?
The Red Hawk NEST EGG is a program aimed at 1) helping students prepare for their future, and 2) providing financial support for saving for postsecondary education (continued learning after high school graduation). Future preparation for continued learning after high school will be developed by on-going conversations with children, families, and the community; curriculum enhancements; parent and family workshops; and mentoring of all students throughout their school careers. The financial support involves a long-term savings account that can be used toward college or trade school expenses.
Beginning in the 2020-2021 school year, every full-time student attending Cass City Public Schools will be automatically given a NEST EGG savings account—free! Each savings account will be opened at Thumb Bank & Trust with a $10 gift from the Cass City PROMISE. An additional $40 gifted by the Cass City PROMISE will be held at the Sanilac Community Foundation and released for use when a CCHS graduate attends postsecondary education. Over time, the balance of the Thumb Bank & Trust grows through private donations and various annual incentives.
Do I own the account?
No. The Cass City PROMISE is the owner of the account, but the funds are held in trust for you when you need them for college or trade school.
Does my account earn interest?
Yes. Your account at Thumb Bank & Trust earns interest.
How is my interest paid to me?
Any interest earned will be credited to your NEST EGG account.
Is there a minimum balance to open the account?
No. The Cass City PROMISE will make your first $10 deposit.
What fees will be charged to my account?
Your account is not subject to balance or transaction fees.
May I or my family members make additional deposits?
Yes. Additional deposits are accepted at any time.
Are there limits on how much I may deposit?
No. There is not a limit.
How will I know what my balance is?
Inquire at Thumb Bank & Trust regarding your balance—the account is designated by the student’s name and address.
Do I or my parents have to claim the interest earned as income?
No. The account is set up under the tax ID of the Cass City PROMISE.
Are my deposits tax deductible?
How do I make withdrawals from my account?
Withdrawals cannot be made from any account before graduation from high school. When registered (whether immediately following high school or a year or so later) to attend a college or trade school after high school graduation, the graduate will complete a Red Hawk NEST EGG Release Form for the Cass City PROMISE to approve a release of their funds (to the college/trade school) for educational purposes. If a graduate does not participate in any educational program after high school graduation, four years after graduating from high school the graduate will be able to withdraw their Thumb Bank & Trust funds by completing a Red Hawk NEST EGG Withdrawal Form for approval by the Cass City PROMISE.
What if I graduate from college or complete trade school and still have funds left in my account?
Congratulations! After four years and before five and a half years of your high school graduation, you will complete a Red Hawk NEST EGG Withdrawal Form for approval by the Cass City PROMISE for the withdrawal of the remaining funds.
What if I join the military before college?
Firstly—thank you for your service! Secondly, please contact the Cass City PROMISE so arrangements can be made to accommodate your needs.
What if I move?
If you change schools, you may still request the funds in your Thumb Bank &Trust savings account (refer to the above question on how to make releases or withdrawals from accounts). However, the $40 initial gifted reserve at Sanilac Community Foundation will remain the property of the Cass City PROMISE.
Who should I thank for this savings account?
Please thank Thumb Bank & Trust and all current and former community members, Cass City High School alumni, local businesses, civic organizations, and foundations who generously donate and support this program on an on-going basis. They want you to know that they believe that you are important and that your future matters!