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Child Withdraw Funds From UTMA Savings Account?

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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?

No. Your contract is with the custodian. The custodian is responsible for accounting for all withdrawals. If the custodian wants the kid to have the money then the custodian can withdraw it and hand it to the kid.

First published on 04/01/2018

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