Minor on JTWROS Account

Many states have laws that specifically provide that a minor may open a bank account "without the infirmities of minority" (it's a binding contract). Some of these laws may indicate that the minor may open an account in the minor's own name and don't provide specifically for joint ownership. Even if state law permits a minor to have an account, a bank can establish its own standard on whether it will accept it. For example, a bank might be more willing to have a savings account with a minor than a checking account or it might set a higher age qualification for a checking account. A bank should consult with an attorney familiar with its state laws on deposit accounts before making policy in this area.

First published on BankersOnline.com 11/05/07