Common use of Custodial Accounts for Minors Clause in Contracts

Custodial Accounts for Minors. We will maintain custodial accounts for minors under the Uniform Gift to Minors Act or the Uniform Transfer to Minors Act. If you open a custodial account, you understand that the assets in the account belong to the minor. If you transfer assets out of the custodial account, you understand that they must be used for the benefit of the minor. You are responsible for notifying us when the minor reaches the age of majority or is otherwise entitled to directly control the assets in the custodial account, and you are responsible for taking such actions as necessary to provide the former minor with access to the assets in the custodial account. We may restrict access to the custodial account, or otherwise restrict activity in the custodial account, if we believe the minor has reached the age of majority or is otherwise entitled to directly control the assets in the custodial account. In such circumstances, we may provide the former minor control of the assets in the custodial account and take any such other actions necessary to provide the former minor such control.

Custodial Accounts for Minors. We will maintain custodial accounts for minors under the Uniform Gift to Minors Act or the Uniform Transfer to Minors Act. If you open a custodial account, you understand that the assets in the account belong to the minor. If you transfer assets out of the custodial account, you understand that they must be used for the benefit of the minor. You are responsible for notifying us us, and we have no duty to inquire, when the minor reaches the age of majority or is otherwise entitled to directly control the assets in the custodial account, account and you are responsible for taking such actions as necessary to provide the former minor with access to the assets in the custodial account. We may may, but are not required, to restrict access to the custodial account, or otherwise restrict activity in the custodial account, if we believe the minor has reached the age of majority or is otherwise entitled to directly control the assets in the custodial account. In such circumstances, we may provide the former minor control of the assets in the custodial account and take any such other actions necessary to provide the former minor such control.