Common use of Minor Accounts Clause in Contracts

Minor Accounts. At our option, we may accept deposits in the name of a minor. We may require that a minor Account have a creditworthy joint owner at least 18 years of age who shall be jointly and severally liable for any amounts owing to us out of the Account. We may open certain other Accounts for a minor, receive payment or pay withdrawals on the Account by or for a minor, and act in any other matter on the order of the minor without regard to the minor's capacity, and we are discharged from liability to the extent of any such actions. Unless a parent or guardian is a Joint Owner on a minor Account, the parent or guardian shall have no rights to access or obtain information about the Account. Even if a parent, guardian, or another adult is a Joint Owner on a minor Account, the minor as an Account owner has the right at any time to withdraw the Account funds and close the Account. When the minor reaches the age of 18, we may require the consent of all Account owners before changing the form or ownership of the Account.