UTMA Checking Account

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Question:

Can a checking account be established as a Uniform Transfers to Minors Act account?

Answer:

There are no specific account types prescribed in the model UTMA legislation. Check your state's version of the UTMA to make sure that the following is correct.

Your institution can offer any account type that is appropriate to the needs of the customer for managing custodial property under the UTMA. In many cases, a savings or CD account makes the most sense, but there may be times, when the minor is attending college for example, that a checking account better addresses the customer's needs.

First published on BankersOnline.com 7/06/09