Would someone please provide reference to California State Banking law statutes that address whether a minor may open and manage a deposit acount with either a bank or credit union without permission and joint signage by an adult/parent.

I don't believe you are going to find such a specific law.

However there are laws regarding the legal age a person can enter into a contract. Any contractual documents signed by a person less than that age is not binding.

As a way to educate and good will purposes most institutions will open accounts for Minors (note the terminology) with an adult signer who can be legally responsible to enter into the contract with the bank.

Can a bank open an accout for a Minor without an adult person signing as well? Yes, they can and the bank then accepts the fact that it has no legal recourse on the account holder. In practice it is very rare they would do this.

My ex-wife took our son to a Credit Union in Atascadero California to deposit a gift from her of $1000. The Credit Union failed to secure a signature card from her in addition to the one that the received from my son. Subsequently, my son violated an agreement with his mother about those funds and now the Credit Union is refusing to close the account and give the remaining funds to his mother. I am appalled that this situation can exist!

You can complain to a higher management level at the credit union if there is one, and see what they will do for you. However, the real culpert appears to be the son and not the Credit Union.

Not being able to deal with your son is really not the credit unions fault. Why are you expecting the Credit Union to do what you can't get your minor son to do?

I do not have the citations handy, but between the Probate Code and the Financial Code, minors can open and maintain bank accounts in their name only. It is not a contract that can be repudiated. I'll try to find the citations.

Al

The applicable California statutes that give a minor the right to open a bank account in his/her own name AND do not permit the minor to disaffirm the account contract are Family Code Sections 6700 & 6710 and Financial Code Section 850.

Family Code Section 6700 states that a minor may make a contract subject to the power of disaffirmance as provided under Chapter 2 (beginning with Family Code Section 6710).

Family Code Section 6710 provides that "except as otherwise provided by statute" a contract of a minor may be disaffirmed.

Financial Code Section 850 provides: "A bank account by or in the name of a minor shall be held for the exclusive right and benefit of such minor and shall be paid to such minor or to his order and payment so made is a valid release and discharge to the bank for such deposit or any part thereof."

Financial Code Section 850 falls within the "except as otherwise provided by statute" provision of Family Code Section 6710 and denies the minor the right to disaffirm any account contract since the bank receives a discharge of liability for complying with the minor's order.

With respect to Old Auzzie's son, the account was in the son's name only so his ex-wife had no rights to the funds. In fact, the credit union was required by California law to treat the ex-wife's claim as an "adverse claim" and deny her claim to the funds.