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Can UTMA Accounts be Passbook Accounts?

Answered by: 
Randy Carey

Question: 
Our Bank has discontinued UTMA Passbook savings accounts. Now, all UTMA savings must be statement savings accounts. Apparently, someone read that an UTMA account must receive a statement. Can UTMA accounts be passbook accounts?
Answer: 

UTMA accounts are governed under State law, so you would have to refer to your State statutes for any specific requirements.

First published on BankersOnline.com 10/31/11

First published on 10/31/2011

Filed under: 
Compliance
Filed under compliance as: 
Passbook Savings
Savings Accounts
UTMA

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