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#2259574 - 09/10/21 07:32 PM Minor Accounts and ODP
J-Comply Offline
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Joined: Jun 2008
Posts: 8
If we offer ODP for all consumer accounts and customers, but decide not to offer ODP for our new, upcoming Minor Account, do you all foresee any issues with us doing so?

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Deposits and Payments
#2259588 - 09/10/21 09:41 PM Re: Minor Accounts and ODP J-Comply
rlcarey Offline
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Joined: Jul 2001
Posts: 77,568
Galveston, TX
Since a minor cannot normally contract for debt, I see no issues.
The opinions expressed here should not be construed to be those of my employer:

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#2259604 - 09/12/21 12:26 PM Re: Minor Accounts and ODP J-Comply
Andy_Z Offline
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Joined: Oct 2000
Posts: 27,378
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I agree with Randy but want to point out that (check your state law) a minor may be able to have their sole owner account and can still be liable for overdrafts and fees. But I don't believe, at least in Texas, that borrowing is allowed or encouraged. The inadvertent OD may be allowed, but an ODP would be a separate issue from a contracted loan and that is what comes back to Randy's comment about contracting for an ODP/debt. So separate the inadvertent OD from an ODP. Some banks will not voluntarily pay a minors account into the OD at all. - Reference
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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