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Wisconsin Credit Union Foundation

Managing Minor Accounts: Withdrawals, Transfers, CDD, Closing & Best Practices

Although state-specific statutes will not be covered, this session will address key challenges and offer practical solutions for opening minor accounts.

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Type of Event
On Demand Webinar

Who Should Attend
  • On-Demand Webinars
  • Member Service
  • Live Webinars
  • Compliance

Purchase

Description

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:

  1. How funds are owned
  2. Proper execution of account-opening documents
  3. How access to the funds should be controlled during the life of the account

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.

Learning Objectives

  • Deposit account options for minors, including savings, UTMA, and joint accounts
  • What questions should be asked at account opening
  • Documentation requirements, including signature card completion and account changes
  • Who is authorized to make changes and withdraw funds?
  • What if the minor child or UTMA custodian dies?
  • Online access considerations
  • BSA, CIP, and CDD rules
  • Red flags for potential fraud and money laundering with minor accounts

Speaker

Susan Costonis, Compliance Consulting and Training for Financial Institutions

Investment

$259.00