Answer:
by Randy Carey:
A minor under Texas law can open an account, just like an adult. The minor can be the sole owner or be a joint owner with an adult. But that would mean that they are of a sufficient age and able to execute the necessary documents to create the account. I am not sure what you are referring to by a children's savings account, as there is no such account provided for under Texas law. A UTMA account is a separate type of account. That sort of account is opened by a custodian and the funds placed into the account are irrevocable and can only be used for the benefit of the minor and must be turned over to the minor when they reach legal age. Customers that wish to open accounts should be consulting their own attorney and the bank should not be giving customers legal advice as to what sort of account is best for them.
Answer:
by John Burnett
While I agree 100% with Randy's statement that a bank "should not be giving customers legal advice as to what sort of account is best for them," I think it's important that bank new account and other customer contact personnel understand how each of the accounts their bank offers works, what the eligibility criteria for each account are, etc.
When it comes to accounts for minors, a bank's management should understand what state law provides and, with legal advice, determine the "menu" of accounts for minors the bank will offer, any age limitations, added features (debit card access or not, for example) and pricing. New account personnel should understand each of the accounts on that "menu" and be constrained by it not to open accounts management hasn't decided to offer just because a parent (or minor) has asked for something else.
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