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#910179 - 02/25/08 11:13 PM Can anybody make a deposit?
Web Offline
Gold Star
Joined: May 2005
Posts: 316
Is there a regulation that states a deposit into an account must be made by an owner of the account? If so please direct me to it??? I have a child's ILUTMA and a parent wants to deposit a tax refund check made payable to the parent into it.

My operations staff say anybody can make a deposit into any account, and my loan officer is saying no. HELP!

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Deposits and Payments
#910209 - 02/26/08 12:02 AM Re: Can anybody make a deposit? Web
Lil'Belle Offline
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Lil'Belle
Joined: Dec 2006
Posts: 193
Texas, United States
You might want to check into your state law which would clearly state the control ownership, survivorship, and access of the type of account. In the Texas law, the account is owned by the minor (beneficiary), but controlled by the custodian. The custodian is able to withdraw from the account, but all funds must be used for the benefit of the minor. So in my opinion, you could accept the deposit but the funds must be used for the benefit of the minor of course the depositary institution is NOT responsible for ensuring the custodian's proper use of the funds. Check with your state law.
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Chiquita pero picosa.

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#910866 - 02/26/08 10:44 PM Re: Can anybody make a deposit? Lil'Belle
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
There is no federal rule. As Lil stated, it may be a state law, but I've never heard of one.

I just want everyone to know that they are encouraged to make deposits into my account.
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David Dickinson
http://www.bankerscompliance.com

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#911000 - 02/27/08 01:22 PM Re: Can anybody make a deposit? David Dickinson
Jalen Offline
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Jalen
Joined: Aug 2007
Posts: 318
Somewhere on 2 wheels
What is your account # & ABA #? I "promise" to deposit and not withdraw.
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I choose JOY

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