Opening Deposit Accounts for Minors
You love your minor account holders and yet... it's sometimes hard to know what you can and can't do for those who are underage at your bank.
It’s always disturbing when minors have authority to transact business in your bank because in many states minors aren’t responsible for their actions on deposit contracts.
Learn how to answer your adult account holders’ questions on how to set up accounts for grandchildren, for college, and for other minor-related accounts. We’ll review basic legal ownership you may offer your minor customers. We’ll discuss how to transition them into adult accounts. We’ll also look at do’s and don’t’s of account card set-up for minors.
You’ll be challenged to look at old practices, how to handle checks, when to give access and so much more in this information-packed program. Don’t miss this A to Z on minor accounts.
- All the types of legal ownership for Minors: UTMA, CESA, Multiple Party Accounts, and 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 himself or herself?
- Old stylings like “minor by” that can create 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
Customer service representatives, personal bankers, call center representatives, branch managers, tellers, branch operations, and training.
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 27 years of combined teaching and banking experience.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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- Live plus Six Month On-Demand – $365
- CD-ROM (Includes Six Month On-Demand) – $325
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- Additional Locations – $75
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