Accounts Owned by Custodians for Minors Under the Uniform Transfers to Minors Act Sample Clauses

Accounts Owned by Custodians for Minors Under the Uniform Transfers to Minors Act. You may open and own an account and related services to hold the funds of a minor (a person less than eighteen (18) years of age) under the state’s Uniform Transfers to Minors Act. The account is a one owner account owned by you as a custodian (unless multiple owners are allowed by state law), in which you as the account owner-custodian hold the funds for the exclusive right and benefit of a minor. Though dividends/interest paid to the account are/is reported under the minor’s name and Social Security Num- ber, you as the custodian are the owner of the account on behalf of the minor, and bar- ring a court order are the only person who is entitled to conduct transactions on the account, and initiate, change, add, close or terminate the account or services. If you wish to designate a successor custodian on the account, you may ask us to include that person’s name as a beneficiary/POD payee on the account, and that person can claim the funds in the account as a successor custodian in the event of your death. If you wish to have another person assist you with transactions on the account, you may ask us to include that person’s name as an agent on the account. When the minor reaches eighteen (18) years of age, it is your responsibility and not our responsibility to pay the funds in the account to the minor. You, as custodian, will still be the only owner of the account.