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BankersOnline.com Forums State-Specific Compliance Issues Texas Minor signers on deposit accounts
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#311443 - 02/02/05 03:04 PM Minor signers on deposit accounts
RBanker Offline
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RBanker
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Posts: 2,675
Austin Texas
As many of you probably know Texas code allows for minor account owners - at our institution we have restricted that to age 16 and 14 - but some banking centers are requesting minor co-owners on CD's, etc.

Is anyone opening accounts at younger ages, and if so, how are you handling signature cards, etc.
Feel free to post here, or PM me.

Thanks in advance!
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#311444 - 02/08/05 12:01 AM Re: Minor signers on deposit accounts
RBanker Offline
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Austin Texas
Bump

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#311445 - 02/09/05 01:17 AM Re: Minor signers on deposit accounts
zaibatsu Offline
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Posts: 6,153
The information I have is not really helpful.
Last edited by -Z-; 02/09/05 09:59 PM.
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#311446 - 02/09/05 09:31 PM Re: Minor signers on deposit accounts
Pale Rider Offline
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under the Lone Star

We have some Tex, about 4,000 accounts, all statement savings. I am a bit concerned with opening minor accounts though since our electronic banking service is going fully transactional. I have to figure out how to bar minors from our electronic banking service so we don't violate COPPA.
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#311447 - 02/10/05 09:45 PM Re: Minor signers on deposit accounts
Anonymous
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Sorry for the dumb question, what is COPPA?

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#311448 - 02/10/05 09:47 PM Re: Minor signers on deposit accounts
Anonymous
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Sorry, I soon as sent the message it hit me - COPPA -Children's Online Privacy Protecttion Act for anyone else who has a brain freeze

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#311449 - 02/13/05 09:10 PM Re: Minor signers on deposit accounts
Andy_Z Offline
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Quote:

I have to figure out how to bar minors from our electronic banking service so we don't violate COPPA.



Ask the question on age. If they answer one way, access, another, no access is granted. Will they lie, who knows.
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#311450 - 02/14/05 09:40 PM Re: Minor signers on deposit accounts
Anonymous
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huh?

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#311451 - 02/14/05 10:11 PM Re: Minor signers on deposit accounts
rlcarey Online
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Galveston, TX
Don,

If you know they are minor accounts, don't you either have their birthdays or might they be in a separate account classification? Couldn't you just not pass those on to your transactional website?
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#311452 - 02/16/05 09:07 PM Re: Minor signers on deposit accounts
Pale Rider Offline
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under the Lone Star
Randy:

That appears to be the direction we are going in. We will deny access for electronic transactions.
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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