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#673024 - 01/26/07 03:37 PM Custodial accounts
RBanker Offline
Power Poster
Joined: Jul 2003
Posts: 2,675
Austin Texas
First, the funny part of the story - one of our banking centers called and asked if they could give a custodian a debit card, and the Ops VP asked why the janitor would need a debit card - whee!

But really folks - I've been asked if there is any reason we would/could not give a custodian on an account a debit card. To me it's just like any other access you would give the signer - checks, internet banking/billpay, etc. So unless I'm unaware of something in Texas code, I don't see a problem - any thoughts/feedback? (I have posted this in the TX forum, but no responses yet) - thanks.

Thanks all!
My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.

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#673990 - 01/26/07 10:32 PM Re: Custodial accounts RBanker
John Burnett Online
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John Burnett
Joined: Oct 2000
Posts: 39,793
Cape Cod
I don't know Texas law from nuttin,' but I can see nothing wrong with the practice. My only caveat is to make certain the minor doesn't get a card.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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