We should not be telling our customers how to set up accounts; they should be telling us what they want particularly as related to trust and custodial relationships. Otherwise, we could be venturing out on a very slippery slope in providing financial planning advice.
If a customer has a custodial document, such as a court order, it should be followed. If a customer is wanting to create an account to house monies for a minor under the FLUTMA laws, we should follow those rules.
If the bank is wanting to allow for other types of accounts with/for minors, the appropriate laws should be researched and decisions made as to the procedures that will be followed. Will you allow a minor to own an account? If so, at what age? Will you limit it to only savings accounts, or also allow them to have a DDA? Will you require an adult on the account? Review the risks and determine your risk tolerance.
It can be very confusing, but it is so important to make sure that everyone is reading from the same page, Without specific guidance there is no end to the creative account ownership structures you may see.
Life without Jesus is like an unsharpened pencil - it has no point.