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#2207191 - 02/26/19 09:04 PM Minor Savings Accounts
BSAGal Offline
New Poster
Joined: Jun 2018
Posts: 9
In Illinois can a parent open a joint savings account for their minor child using the child's social security number as the primary? Or does the bank have to open a UTMA account, and if so, why? Obviously the minor can't sign the signature cards....

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#2207376 - 02/28/19 01:23 PM Re: Minor Savings Accounts BSAGal
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,207
Galveston, TX
Can minors open an account in Illinois - yes. If they can't yet sign their name, well I am not sure how they can enter into such a contract.


(205 ILCS 5/45.1) (from Ch. 17, par. 356)
Sec. 45.1. Accounts for minors. A state bank may accept deposits made by a minor and may open an account in the name of such minor and the rules and regulations of such bank with respect to each such deposit and account shall be as binding upon such minor as if such minor were of full age and legal capacity. The receipt, acquittance or order of payment of such minor on such account or deposit or any part thereof shall be as binding upon such minor as if such minor were of full age and legal capacity.
(Source: Laws 1965, p. 2020.)
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