What Can a Minor Have?
Answer by Andy Zavoina and David Dickinson, BOL Guru Guru Bio
Question: Can a minor (a person under the age of 18) have a checking account,savings account, or ATM card without a custodian? Can they sign on an account in any circumstance?
Answer by Andy Zavoina:
You'll have various answers based on state laws.
Texas, as an example allows a minor to contract for banking services but the parents/guardian can request to be added to the account and would be. But this "option" on the minor's part does not obligate the bank to do this. Also, it may be that a deposit account is offered, but no electronic access. So it can be allowed in pieces.
You may also need to draw a distinction between a minor and one who is emancipated.
Answer by David Dickinson:
Be careful about what age you assign to minors. Although 17 & under is the definition in most states, it isn't in all. In Nebraska, 18 & under is still a minor.
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