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UTMA Checking Account
Answer by John Burnett, BOL Guru
Guru Bio

Question:  Can a UTMA account be a checking account?

Answer:  UTMA custodial funds can be held in any form of deposit or investment vehicle that the custodian deems appropriate to the needs of the custodianship and the bank is willing to offer. If the minor beneficiary of a UTMA custodianship is quite young and funds are being held for education expenses to be incurred several years later, a checking account would probably not be appropriate. However, if the minor is in school and bills seem to be due every other day, a checking or NOW account would seem to be very appropriate, at least for some of the custodianship's funds.

First published on BankersOnline.com 11/17/08









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