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#1042901 - 09/16/08 01:55 PM FDIC Insurance and Minors
Piano Man Offline
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Piano Man
Joined: Mar 2004
Posts: 442
Down South
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?
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#1042907 - 09/16/08 01:59 PM Re: FDIC Insurance and Minors Piano Man
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,333
Cape Cod
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.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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