Opening Deposit Accounts For Minors

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Question:

Are there any laws/regulations that you can't open a deposit account for a minor (under the age of 18)? If we can, can the minor be the only person on the account or do we need a parent/guardian on the account?

Answer:

The answer depends on your State law. Some States do have statutes which authorize a financial institution to open accounts for minors without a parent's or guardian's signature or authorization. In those instances the parent or guardian is not liable for any overdrafts or other charges. The obligations are those of the minor even though he or she is otherwise underage.

First published on BankersOnline.com 8/6/01