Opening UTMAs: Lessons Learned
Uniform Transfers to Minors Act accounts don’t have to be complicated—if you know what to watch for. This practical session will walk through the full UTMA life cycle, from account setup and custodial controls to closure at the age of majority. Discover the lessons experienced bankers have learned the hard way and apply them confidently in your own institution.
KEY WEBINAR TAKEAWAYS
- CIP and CDD for UTMAs
- Transferring funds to minors under state law
- Handling accounts when owner or custodian dies
- Successor Custodian option to help at death
- Purpose and longevity of account
- What happens at age of majority
- What custodians can and can’t do
- Setting up signature cards properly
BONUS MATERIALS
- New accounts handbook
WEBINAR DETAILS
Finally, a program on Uniform Transfer to Minors Act accounts (UTMA) that focuses on setup, life cycle, and then closure of the UTMA. We will focus on the lessons learned over the years of handling account setup and checks going into the account. These accounts are dictated by state law but have some common themes we can all watch out for. Learn the good, the bad, and the ugly about the UTMA in your state.
WHO SHOULD ATTEND?
- New accounts staff
- Branch staff
- Deposit operations
- Deposit compliance and training
