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#2144996 - 09/06/17 02:37 PM UTMA and Debit Card
MiMi Offline
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Registered: 03/04/02
Posts: 352
A DDA has been opened as UTMA. Can the bank issue a debit card in the minor's name? Minor is 16 years old.

Edited by MiMi (09/06/17 02:38 PM)

#2145031 - 09/06/17 04:21 PM Re: UTMA and Debit Card [Re: MiMi]
Beachbum, CRCM Offline
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Registered: 12/14/06
Posts: 474
Loc: Knee Deep in Regs
Check with your card issuer guidelines. I am not aware of any issuers that allow it.
What we think, we become.

#2145045 - 09/06/17 05:33 PM Re: UTMA and Debit Card [Re: MiMi]
rlcarey Online
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Registered: 07/16/01
Posts: 66648
Loc: Galveston, TX
Plus, the minor cannot have account access.
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

#2146206 - 09/15/17 08:44 AM Re: UTMA and Debit Card [Re: MiMi]
Ken_Pegasus Offline

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Registered: 08/30/01
Posts: 21817
Loc: Another trip around the sun
Most Kentucky banks that I've dealt with would conclude that a checking account would be inconsistent with the purpose of the account, holding funds for the minor; i.e. they would not open one for a UTMA custodian. A debit card would be one step more inappropriate.

To be clear, I'm not saying it's "illegal;" just foolish.
My employer agrees with everything I say, but I'm not sure how that helps you.


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