If a bank receives a check payable to John Smith as Custodian for Jill Smith UTMA, does the check have to be deposited to an account titled in the same way, or can it be deposited to the custodian's account?
What happens when a customer is deemed incapacitated? Do we close the account? Do we continue to pay checks until the conservator opens a new account?
Can you have more than one custodian on a minor account?
The kids that have jobs often come into the bank with their payroll checks wanting to deposit some money into their custodian account and get cash back at the same time from their payroll check. Is this allowed?
What are the purposes of custodial accounts and what different types are there?
FDIC rules allow corporations/LLCs to hold funds for others as custodians and allows each of their owners/principals to be covered by the $100,000 FDIC insurance. How should the account be set up and what should we have on file for all the custodial clients for it to be insured? How should the account read when our customer is a payroll company (custodian)?
Health Savings Accounts (HSA) are a great new deposit account for banks and credit unions. Although less than one year old, the U.S.
Is there a document with specific verbiage that needs to be signed at account opening when a successor custodian is being designated? We have found that since 9-11, the requests for opening custodial accounts with successor custodians has increased.