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BankersOnline.com Forums State-Specific Compliance Issues Kentucky UTMA and Debit Card
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#2144996 - 09/06/17 06:37 PM UTMA and Debit Card
MiMi Offline
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MiMi
Joined: Mar 2002
Posts: 365
A DDA has been opened as UTMA. Can the bank issue a debit card in the minor's name? Minor is 16 years old.
Last edited by MiMi; 09/06/17 06:38 PM.
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#2145031 - 09/06/17 08:21 PM Re: UTMA and Debit Card MiMi
Beachbum, CRCM Offline
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Joined: Dec 2006
Posts: 499
Knee Deep in Regs
Check with your card issuer guidelines. I am not aware of any issuers that allow it.
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#2145045 - 09/06/17 09:33 PM Re: UTMA and Debit Card MiMi
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Plus, the minor cannot have account access.
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#2146206 - 09/15/17 12:44 PM Re: UTMA and Debit Card MiMi
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
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.
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