Can anyone let me know the viability of an UTMA checking account and whether it can or cannot be utilized? Or, is only an UTMA savings account should be used.

Thanks

http://law.onecle.com/new-jersey/46-property/38a-19.html

It just says "an account".

Thanks - that is how I read it but I needed to be absolutely certain.

That being said, there is nothing in the law that says the bank has to offer them a checking account for UTMA purposes.

Just saw this and thought I'd share. Back in the early 1980's as a single parent receiving child support payments I opened (what I believe to be) the 1st UTMA checking account in NJ. Support payments were deposited and checks written for child's medical, schooling etc. It was a great way to evidence funds were used for the benefit of the child as well as for recordkeeping purposes. As an aside, the checks were printed as titled - as an UTMA account.