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#1970260 - 10/17/14 05:23 PM Minor Savings acct question
OSB Offline
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Joined: Nov 2011
Posts: 3
Indiana
Father requests to remove his ex-wife from all his accounts. Removing her from his checking, we have those procedures. But they are both on their children's savings account. What do you suggest is best practice when a customer wants to remove joint owner on a minor savings account? We are located in Indiana.


Thank you in advance,
OSB CSR

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#1970267 - 10/17/14 05:31 PM Re: Minor Savings acct question OSB
Elwood P. Dowd Offline
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Regardless of your location or your procedures, I suggest you let any owner close an account and reopen it any way they wish. The idea of letting one owner remove another owner is a flight of fantasy that can cause your bank a lot of problems.
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#1970280 - 10/17/14 05:47 PM Re: Minor Savings acct question OSB
rlcarey Online
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rlcarey
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Galveston, TX
I agree with Ken. Unless the other person is deceased, never remove someone from an account. Have them close the account(s) and then do as they wish.
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#1970282 - 10/17/14 05:49 PM Re: Minor Savings acct question OSB
JacF Offline

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PA
I agree with Ken- never remove an owner from an account.

That said, I'm a little confused about the children's account. Are mom and dad actually on the account as joint owners?

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#1970294 - 10/17/14 06:01 PM Re: Minor Savings acct question OSB
Skittles Online
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Skittles
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TN
In some states you may only have one custodian per account - and I thought Indiana was one of those. I know it was back in the early 2000's.
Last edited by Skittles; 10/17/14 06:02 PM.
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#1970303 - 10/17/14 06:33 PM Re: Minor Savings acct question OSB
John Burnett Offline
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John Burnett
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Cape Cod
No one said it's a custodial account (perhaps it should be, but ...)
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#1970307 - 10/17/14 06:36 PM Re: Minor Savings acct question OSB
John Burnett Offline
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John Burnett
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Cape Cod
Unfortunately, there are still banks that continue opening (or holding) accounts in the form ADULT for CHILD or CHILD by ADULT(s), with no state law supporting ownership of that type, and with no indication they are UGMA/UTMA accounts.
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