FDIC Insurance and Minors

One of our customers wants to add her children to a CD to make it joint for FDIC insurance purposes. Can a child, 6 and 7, be on a joint account? Can they be a benificiary as POD?

Whether or not a minor can be a joint owner of a deposit account, even a CD, is a question of state law and bank policy. For my money, a child of such tender age is not capable of contracting for anything more complicated than an ice cream cone for good behavior, and I would not make him or her a joint owner regardless of what state law might allow.

As for POD beneficiary, yes, a child (even an infant) can be a POD beneficiary.