Do remember, though, that you still need the minor to be able to agree to the contract. Where the financial institution draws the line between minors who understand and those who don't understand what they are agreeing to is a difficult judgment call, I think. And clearly, even it you push that line to a ridiculous extreme, if a kid can't yet sign his/her own name, there can't really be a contract with the minor.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8