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

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Question: 
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.
Answer: 

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 BankersOnline.com 6/25/12

First published on 06/25/2012

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