I have a UTMA account where the custodian (mom) has lost contact with both the bank and the child. What can we do as the bank to pass the funds to the child who is currently only 13?
I have a 20 year old customer that had a checking account that went negative and we couldn't reach him. We ended up charging off the account. This 20-year old is also the beneficiary of a Uniform Transfer to Miner's Act account that his grandfather is the custodian for. Since the beneficiary is considered the sole owner of the funds and it is to be used for their benefit, can I use "right of setoff" and take those funds and put them towards the charged off balance on his checking account?
If a check is made payable to the minor or the custodian on behalf of the minor, can the custodian cash it?
Can an individual rescind a UTMA account that he or she set up for a minor?
Our state law permits minors to open bank accounts. Do we have to allow a twelve-year-old to open a checking account?
Minors in our state can open deposit accounts. Can our bank refuse to open a checking account for a minor unless it is jointly owned with an adult family member?
Can Mom and Dad be co-custodians for their baby’s UTMA?
How should withdrawals from UTMAs be handled? Payable to the minor, payable to the custodian, payable to the UTMA, or does it matter?
Can a child withdraw funds from an UTMA savings account if they have the okay from the parent that is the custodian on the account?
I am reviewing our new accounts signature cards and I have had the UTMA come up. The new accounts department has been placing the minors information in the signature section, my past employers have never allowed us to place the minors information in that section because they stated that, that section means that the minor can actually sign on the account. Is this true and could you give me some advice?