Deposit Accounts for Minors – ON-DEMAND WEBINARS


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SKU: SWMIN Category:

Date Recorded: February 16, 2022

Presenter: Natalie Straus, CRCM, Vice President and Senior Consultant, FORVIS

Having kids is a big responsibility. Opening deposit accounts for minors is a big responsibility too! This ninety-minute webinar will cover your institution’s various options, as well as restrictions, to consider when establishing a deposit account for a minor. We will cover various account types as well as rules and regulations that can impact how you’ll handle the accounts. Our discussion will include:

  • Uniform Transfers to Minors Act Accounts
  • Single party minor accounts
  • Joint accounts with minors
  • “Minor by” accounts
  • Dedicated representative payee accounts
  • Court-appointed personal fiduciary accounts (guardian and custodian accounts)
  • Informal trusts and POD accounts
  • CIP requirements

We will tackle issues like

  • Who has transaction authority?
  • What happens if the minor dies?
  • What happens if the adult dies?
  • Who is our customer for CIP purposes?
  • What are our responsibility for monitoring the accounts?

State-specific laws will not be covered in this webinar. However, we will discuss concepts and requirements applicable to all institutions.

Who Should Listen

This webinar is designed for new account and other front line personnel, deposit operations, compliance, audit and anyone who is responsible for training.

Program Level: Basic

Prerequisite/Advanced Preparation: Basic Knowledge of Deposit Regulations

Field of Study: Specialized Knowledge

Copyright Disclaimer

Any recording, transmission, retransmission, or republishing of any portion of this webinar is prohibited.