Parents & Minor Co-owned Account
Answer by John Burnett, BOL Guru Guru Bio
Question: Can a minor account be opened with both parents as co-owners on it?
Answer: That's a question that can only be answered with an understanding of state law. Some states don't provide for a minor's entering into a binding contract for a deposit account. Some allow it, but only if the minor owns the account independently (no joint owners). Some states allow for a minor's account, but allow a parent to step in an take over, if necessary. Other states give minors full legal rights (and obligations) for opening a deposit account. You need to know the law in your state and then you need to know the bank's policy.
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