We have an account (PA-UTMA) set up for a minor (niece). The custodian (uncle) closed the account and transferred the money into his personal checking account. Is this allowed?
Can the guardian set up a Uniform Gift to Minors acct as a DDA instead of a savings?
Can a check payable "Jane Doe, custodian for John Doe, UTMA" be deposited into the custodian's personal account? I seem to remember that with UTMAs that's acceptable, but with UGMAs it's not.
What liability does a bank have when it allows a minor to withdraw and/or transfer funds from a UGMA or UTMA account without the custodian's consent?
Should the bank withhold funds on an UGMA if the custodians' accounts are levied by the IRS?
Can a POD be named on a guardianship account? Can a Court-Ordered Account with an appointed conservator for an adult have a POD? Can a minor account have more than one custodian? When the beneficiary of a custodial account becomes an adult, 18 or 21, are they able to come in to the financial institution and change their account status from custodial to primary?
We have a customer who wants to open an account under the Uniform Gifts to Minors Act. They want to require two signatures to withdraw any funds from this account. Is this legal?
Should Successor Custodians be listed in the legal title of a UTMA account? Should they be listed in order of succession? If so, how do we determine who is first?
We had a customer present to us a certificate account titled under the Uniform Gift to Minor's Act. The custodian named on the account died and there was no successor custodian named. The minor on the account is under the age of 21. Does this account have to remain in the name of the present custodian until the minor reaches majority? Or can another custodian be named? If so, how is another custodian designated?
Question: We recently closed a checking account that is in overdraft and are preparing to cure the OD condition by offsetting the customer's savings account.