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#2274607 - 08/23/22 08:51 PM Opening Account with Grandma
Newbie06 Offline
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Joined: Mar 2006
Posts: 663
We have a customer (grandmother) who wants to open up a checking account with her 16 year old grandson. The grandmother does not have legal custody over the grandson. Does this matter? An UTMA account is not what we are wanting to open because the grandson can sign for himself.

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#2274608 - 08/23/22 08:58 PM Re: Opening Account with Grandma Newbie06
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,390
Galveston, TX
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2274625 - 08/24/22 01:28 PM Re: Opening Account with Grandma rlcarey
Newbie06 Offline
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Joined: Mar 2006
Posts: 663
rlcarey, thanks for the link that you posted. I am a bit confused, despite the link indicating that anyone can be a depositor regardless of age, as I am more concerned about whether it's ok that the minor is opening an account with someone that does not have legal custody over the minor.

I feel it would be ok but can't find guidance and this is not how we have handled this type of situation in the past.

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#2274626 - 08/24/22 01:31 PM Re: Opening Account with Grandma Newbie06
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,390
Galveston, TX
Well, family law and banking law are really two different animals and you might need to be talking to your legal counsel as to any pitfalls.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2274629 - 08/24/22 01:49 PM Re: Opening Account with Grandma rlcarey
Newbie06 Offline
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Joined: Mar 2006
Posts: 663
Yes, family law can be a bit tricky. New accounts will look into this further.

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#2274633 - 08/24/22 02:57 PM Re: Opening Account with Grandma Newbie06
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,030
Bloomington, IN
Under the IN statute the minor can open an account by themselves if the financial institution is willing to accept the risk.

Any other concern, such as opening the account with grandma, should be discussed with your legal counsel.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2274648 - 08/24/22 04:46 PM Re: Opening Account with Grandma Dan Persfull
Newbie06 Offline
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Joined: Mar 2006
Posts: 663
Dan, thanks for your response as well.

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