Deposit Accounts for Minors – ON-DEMAND WEBINARS

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.