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Minors Opening Accounts
Question: We often get minors opening accounts but they don't have the documents we usually rely on as identification. What can we use instead?
Answer: First, be sure you want to open an account for a minor. If the minor cannot sign a legally binding contract, you may want to open the account only on the condition that a responsible adult is also on the account. However, to identify a minor, there are documents in addition to drivers licenses. For example, most schools issue a picture ID. The minor may belong to an organization such as a health club that issues IDs. Then there are additional official documents such as social security cards, birth certificates, passports, and even baptismal certificates that should help to establish the identity of the minor.
Copyright © 2003 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 12, 11/03
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