Can a TUTMA account be opened as a checking account or does it have to be a savings account?

Thanks!

141.013 (b)In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise, the custodian shall use that skill or expertise.

So - there appears to be no restictions - however, the custodian would have a fiducuiary responsibility to make sure the money is managed to full advantage of the minor. Placing the funds in a checking account at a lower interest rate might not meet those requirements, but that would not be the bank's liability. As a practical manner, a bank should be asking why a checking account???

On a related subject, when the minor becomes 18, I know the custodian is supposed to come in and switch the account to the adult child by way of a form. What happens if the custodian hasn't done than and doesn't seem willing to relinquish control. Is that our business? Of course the child wants his money now.

Must be age 21 in some states.

I don't think the bank wants to get into that battle; the former minor can retain the assistance of an attorney.