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#2023061 - 06/25/15 04:25 PM UTMA Checking Accounts
Trust Compliance Offline
Junior Member
Joined: Apr 2007
Posts: 25
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

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#2023081 - 06/25/15 05:02 PM Re: UTMA Checking Accounts Trust Compliance
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,358
Galveston, TX
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2023255 - 06/26/15 12:06 PM Re: UTMA Checking Accounts Trust Compliance
Trust Compliance Offline
Junior Member
Joined: Apr 2007
Posts: 25
Thanks - that is how I read it but I needed to be absolutely certain.

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#2023266 - 06/26/15 12:52 PM Re: UTMA Checking Accounts Trust Compliance
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,358
Galveston, TX
That being said, there is nothing in the law that says the bank has to offer them a checking account for UTMA purposes.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2031784 - 08/05/15 02:57 PM Re: UTMA Checking Accounts Trust Compliance
joser Offline
Member
Joined: Sep 2005
Posts: 68
NJ
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.

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