We love our minor members and yet...it is sometimes hard to know what we can do and what we can't do for those who are under age at our credit union. It is always disturbing when minors have authority to transact business in the credit union because in many states the minor is not responsible for his or her actions on deposit contracts.
During this program, you will learn how to answer your adult member's questions on how to set up accounts for grandchildren, for college, and many other reasons. We will also review the basic legal ownerships you may offer for your minor members as well as how to transition them into adult accounts and look at account card set up for minors.
You will be challenged to look at old practices, how to handle checks, when to give access and so much more in this information packed program. You won't want to miss this A to Z on minor accounts.
Topics Will Include:
- Setting up accounts for minors
- All the types of legal ownerships for Minors: UTMA, CESA, Multiple Party Accounts
- What happens and what is the liability when you put minors in checking accounts with debit cards? What about debit cards on UTMA, Social security accounts and guardianships?
- Can a minor get information on a UTMA, Social Security Account, or Guardianship Account?
- Can a minor negotiate checks made payable to his or herself
- Old styling like "minor by" that can give big headaches
- Can you require two signatures on minor accounts? Can you let a minor sign a contract?
- What happens when the minor dies on an account? What happens when the adult passes away?
- Can minors take over the account at a certain age?
- Hotspots and troubling issues when you open accounts for minors
Who Should Attend?
This informative session will benefit compliance
officers, member service representatives, call center
representatives, training, branch operations, branch
administration, branch managers, and assistant branch
managers.
Instructor
Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures.
She was formerly with Hibernia National Bank (now Capital One) and has bachelor's and master's degrees from Louisiana State University. She has 30+ years of combined teaching and banking experience.