For those of you offering a minor checking account product:

If you require a joint owner on the account, do you require that the minor sign the account agreement or will you permit the person of legal age to sign for them? In this instance the minor would be the owner only & the person of legal age would be the owner/signer on the account.

We have a teen checking product for those 13-17 years old. Both the minor and the adult joint owner would sign the signature card.

You need to reveiw your state law.

IC 28-1-23-16
Withdrawal of deposits
Sec. 16. All persons, regardless of age, may become depositors in a depository financial institution (as defined in IC 28-1-1-6) and shall be subject to the same duties and liabilities respecting their deposits. Whenever a deposit is accepted by a depository financial institution in the name of any person, regardless of age, the deposit may be withdrawn by the depositor by any of the following methods:

In Missouri

Whatever you find when you look at Missouri law, it's doubtful that there will be anything that says a parent can sign a child's name and, thus, bind the child to a contract. Only bankers believe that to be a possibility.

If it's a "joint" account, the kid needs to sign his own name and his access to the account would be the same as the other "owner."

The account where the adult retains control, but the money belongs to the child and the interest is properly reported to the child is the Uniform Transfers to Minors Act account (UTMA). (The statute directs that the money be delivered to the child at a specified age.)

Generally, a checking account is inappropriate for a UTMA.