Minor Accounts Options & Transactions
Do you have major questions about minor accounts? Do you know when and whether the minor can access the account? What are the different account types? How are BSA and CIP woven into the process? What if the minor dies? Join us to learn the answer to these questions and best practices on minor accounts.
After This Webinar You’ll Be Able To:
- Differentiate account types for minors
- Understand how Uniform Transfers to Minors Act accounts operate
- Describe the requirements for setting up representative payee accounts involving minors
- Explain how the Bank Secrecy Act customer identification requirements apply to minors
- Determine whether minors have access to an account and how that may be achieved
There are so many questions regarding minor accounts. Who can set one up? When are minors allowed to transact or prohibited from transacting? What about issuing ATM cards, debit cards, or checks? This webinar will explore the different types of minor accounts – UTMAs, informal or Totten trusts, accounts for minors with income from sports or entertainment, and more. In addition, it will tackle some of the stickier issues, such as whether to allow or require an adult as a joint accountholder, who has authority over a UTMA when a custodian dies, considerations for issuing access devices (cards and other EFT services), and what happens if the minor dies.
Who Should Attend?
This informative session is designed for new account representatives, tellers, branch managers, call center representatives, compliance staff, and auditors.
- Internet resource list
- Sample procedures for minor accounts
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.
Mary-Lou Heighes – Compliance Plus, Inc.
Mary-Lou Heighes is president and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Heighes has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.
Involved with financial institutions since 1989, Heighes has over 30 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.
- $279 – Live Webinar Access
- $279 – OnDemand Access + Digital Download
- $379 – Both Live & On-Demand Access + Digital Download