Opening Minor Accounts - UTMAs, Joint, Guardianships, CESAs

Posted by Laurie Okawa-Moore
on "November 23, 2021 1:26 pm"

We love our minor accountholders and yet it is sometimes hard to know what we can do and what we can't do for those who are underage.

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Opening Minor Accounts - UTMAs, Joint, Guardianships, CESAs  
Tuesday, December 7, 2021 • 6:00 am - 7:30 am HST (OnDemand playback is included)

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It is always disturbing when minors have authority to transact business in the credit union because in many states the minor is not responsible for his or her actions on deposit contracts.

During this program, you will learn how to answer your adult account holder's questions on how to set up accounts for grandchildren, for college, for other reasons to set up minor accounts. In this program, we will review the basic legal ownerships you may offer for your minor customers. We will talk about how to transition them into adult accounts. We will look at do's and don'ts of account card set up for minors.

You will be challenged to look at old practices, how to handle checks, when to give access and so much more in this information-packed program. You won't want to miss this A to Z on minor accounts.

What you will learn:

  • All the types of legal ownership for Minors: UTMA, CESA, Multiple Party Accounts, Minors alone in some states
  • What happens and what is the liability when you put minors in checking accounts with debit cards? What about debit cards on UTMA, Social security accounts and guardianships?
  • Can a minor get information on a UTMA, Social Security Account, or Guardianship Account?
  • Can a minor negotiate checks made payable to him or herself?
  • Old stylings like "minor by" that can give big headaches
  • Can you require two signatures on minor accounts? Can you let a minor sign a contract?
  • What happens when the minor dies on an account? What happens when the adult passes away?
  • Can minors take over the account at a certain age?
  • Hotspots and troubling issues when you open accounts for minors

Who Should Attend?

Customer service representatives, personal bankers, call center representatives, branch managers, tellers, branch operations, and training.

About The Presenter

Deborah Crawford is the president of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 30+ years of combined teaching and banking experience.