03/25/2013
I have an acct that is overdrawn and we will be charging it off soon. This customer has a UTMA account here as well and is over 18. Can I get the funds from that UTMA acct since the customer is over 18? Also, the UTMA has 3 other siblings on it as well, would I have to take them into consideration as well?
03/04/2013
We have a UTMA account, single custodian, with no successor named, and the custodian has passed away. The minor has not reached age 14. If no one petitions the court to be designated as custodian, can they simply wait until the child turns 14 (7 months from now) and allow the child to designate an adult family member as custodian?
02/04/2013
In the state of Oklahoma, can both parents be guardians on a UTMA savings account?
01/21/2013
If a parent has a SSN and his child is a foreign national (no SSN) can the father open an UTMA account using a W-8?
12/03/2012
Can you open a savings account for a minor that is not titled as a UTMA account? The account will be set as a joint account with the parent, and the minor will not have signing authority until he/she reaches the age of 18.
10/29/2012
We have a custodian withdrawing funds from a UTMA (Maryland) savings account and obviously using it for their own purpose. I understand it is not the FI's responsibility to monitor the use of the funds, but if we are aware can we be liable and how could we go about stopping the activity?
08/13/2012
Does Louisiana law allow an UTMA account to be a demand deposit? or only a Savings?
07/09/2012
Received a Garnishment in husband and wife's name and/or and their daughter age 18 is also on the account. Can we remove funds from this account if the daughter is on the account?
07/02/2012
Is it allowable for a person who is 22 to open a new UTMA account, with the proceeds being held until they are 25? If so, is the FI responsible to get acknowledgment from the benefactor or custodian that they may not be eligible for the tax benefits?
04/02/2012
What are the differences between opening a minor account vs a UTMA? Are we responsible to "police" with use of funds in either case?