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OCC Checking Acct. in Minor Name as Joint w/Adult?

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Can a savings bank, which is now regulated by the OCC, establish a checking account for a 16 year old, in the Minor's name, as a joint account with the dad. The funds are provided by the dad for gas and other misc. expenses. The balance is very small.

The charter of the bank has nothing to do with this question -- it's state law that matters because it concerns a matter of property and/or contract law. Find out what your state's laws say about accounts for minors and then make a risk-based decision on what your bank will offer. The concern, of course, is whether the deposit contract with a minor will be enforceable.

First published on 6/25/12

First published on 06/25/2012

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