In today’s competitive environment, financial institutions must develop
deposit products that cover a broad spectrum of interests and ages. This session
will cover three critical areas for opening minor accounts:
How funds are owned
- Proper execution of account-opening documents
- How access to the funds should be controlled during the life of the
Many states have established laws defining the legal ownership of minor
accounts, including Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to
Minors Act (UGMA) accounts. Although state-specific statutes will not be
covered, this session will address key challenges and offer practical solutions
for opening minor accounts.
- Deposit account options for minors,
including savings, UTMA, and joint accounts
- What questions should be asked at
- Documentation requirements, including signature card completion
and account changes
- Who is authorized to make changes and withdraw funds?
if the minor child or UTMA custodian dies?
- Online access considerations
CIP, and CDD rules
- Red flags for potential fraud and money laundering with minor
Susan Costonis, Compliance Consulting and Training for Financial Institutions
Live and recorded webinar, handouts, quiz with answer key and training log are included.