Skip to content
 

Problem Opening Custodian Accounts for Minors

Answered by: 
Randy Carey

Question: 
We have a parent who opened three custodian accounts for his minor children. We have SSNs for all of the minors. When we try to fill in the CTR, we can't get past Section B, line 25. It's asking for item F to be completed. Do we need to add the children as benefactors, and if so, what can I put on line 25 in order to complete the CTR?
Answer: 

If these are true custodial accounts, the children will go into Section A and the parent will go into Section B. Box 14 in Section A will be reported as N/A, as I am sure that the children are not present at the time of transaction, and Box 25 will have the parent's identification information entered.

First published on BankersOnline.com 6/14/10

First published on 06/14/2010

Filed under: 
Security
Filed under security as: 
Custodial Accounts
Minors

Report a problem with this page

Search Topics