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What Regs Apply To Open a Minor's Savings Account?

I need to know if there are any specific regulations for opening up minor's savings accounts other than collecting CIP procedures?

Answer by Randy Carey: Any legal requirements regarding minor accounts would be found in State law.


Answer by Mary Beth Guard: Call your state association or state banking department to find out whether your state has adopted the Uniform Transfers to Minors Act (UTMA) and ask how you can obtain a copy. Many states have their statutes online now. In addition, many states have statutes that grant a minor the legal authority to open deposit accounts solely in the name of the minor. Check to see if your state has such a law, and, if so, what special restrictions/conditions apply.

First published on 08/29/05

First published on 08/29/2005

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