If a minor has funds in a custodianship under the UTMA but also has an individual account in his own name, and he has reached the age for release of the UTMA funds, can we use the funds in the UTMA to offset an overdraft in the individually-owned account?
Would a student identification card be an appropriate ID for a minor account if they dont have a drivers license or state ID? The parent/guardian is on the account with them and we do have sufficient ID for them.
My inquiry has to do with CIP requirements regarding opening an account under a FLUTMA (we are in Florida). The account holder which is the grandmother opened an account under a FLUTMA for the grandchild. The parents do not wish to release a copy of their child's birth certificate due to possible fears of compromise. Is it mandatory to require CIP information on the minor once the Chex Systems clearance has been obtained; is a birth certificate actually required?
A mother is guardian/conservator for her minor son. She would like a debit card for his account. I say no, as we would not know who is actually using the card, the mother or the son.
If a child is an owner on the account, but not the signer on the account can we give the child the balance? Same for a Rep payee account. Can we give the owner the balance, even though he is not the signer?
Can a minor (someone who is 16 years old) open a ILUTMA account for their own child? The Illinois UTMA states a custodian has to be 21 years old. Please advise if the 16 year old mother can be the custodian.
We are currently trying to put together a checking account for teens. We plan on not offering ODP, not allowing checks, and limiting the maximum ATM daily limit to a lower level than our other accounts. Would we be in violation of any regulation?
Can a savings bank, which is now regulated by the OCC, establish a checking account for a 16 year old, in the Minor's name, as a joint account with the dad. The funds are provided by the dad for gas and other misc. expenses. The balance is very small.
In the state of NM can a minor account have more than one custodian? If so, is it still considered a single party account w/multiple custodians? or how do we best describe the beneficiary designation?
When should the Red Flag Checklist titled "Maintaining an Account" be used?