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.
It is not acceptable with either. The check should be:
deposited into an account titled as a UGMA or a UTMA or
endorsed over to the minor by the custodian (assuming the child has already reached the age at which delivery is required).Allowing the custodian to deposit it into an account in his own name puts the bank on notice of a breach of fiduciary duty for which the bank can and should be found liable.