Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (UTTMA) is an individual account established by a member as a custodian on behalf of a minor (a person under twenty-one (21) years of age). The custodian shall open the account in the name of the minor, include the minor’s social security number, and must sign his or her own name on the Account Card. The custodian is the owner of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to make deposits to, withdrawals from, or close the account. In the event of the custodian’s death, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal.
Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor (Custodial) Account (UTTMA) is an account established by an individual as a custodian on behalf of a minor (a person under twenty-one (21) years of age). The custodian shall open the account in the name of the minor, include the minor’s tax identification number, and must sign his or her own name, as custodian on the Application. The custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to make withdrawals from, or close the account. The custodian may name a successor custodian. In the event of the custodian’s death, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal. It is the legal responsibility of the custodian to change the status of the account when the minor reaches age twenty-one (21).
Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (UTMA) is an individual account established in accordance with Oregon law by a member as a custodian on behalf of a minor (a person under twenty-one (21) years of age). The custodian shall open the account in the name of the minor, include the minor’s tax identification number, and must sign his or her own name on the Account Card. The custodian is the owner of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to make deposits to, withdrawals from, or close the account. The custodian must hold and use the funds in accordance with applicable law, but we will not be responsible for verifying the use or disposition of any funds in such an account. In the event of the custodian’s death, if there is no designated successor custodian, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal. It is the Custodian’s responsibility to change the status of the account when the minor reaches age of majority.
Uniform Transfer to Minor Accounts. All funds deposited into an Uniform Transfer to Minor Account (“UTMA”) irrevocably become the property of the minor, but are to be managed for the minor’s benefit by a designated custodian until the minor reaches the age of 21, at which time the custodian is responsible for distributing the funds to the minor. The minor shall have no authority to withdraw funds from the UTMA account. FSB is entitled to rely upon instructions from the custodian named on the account. FSB shall not be liable to the minor for any actions taken by the custodian in connection with the account. Only one custodian (who must be 21 or older) and one minor are allowed per account. Upon the death or evidence satisfactory to FSB of incapacity of the custodian named on the account application, FSB shall rely upon the instructions of a successor custodian. FSB shall have no duty to monitor the account or the status of the custodian or minor. Upon the withdrawal of all funds in the account by the custodian, FSB shall have no further responsibility to the custodian or the minor and the account will be closed.
Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account (a "UTTMA") is an individual account established by an individual or trust company as custodian on behalf of a minor (a person under twenty five (25) years of age). The custodian must open the account in the name of the minor, include the minor's social security number, and sign his or her own name on the Account Card. The custodian is the owner of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to withdraw from or close the account. If the custodian dies, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. When the minor attains age twenty-five (25), the account will be payable to the beneficiary upon notification and direction of the minor and custodian. If the minor dies, the account will be closed and funds paid to the minor's estate.
Uniform Transfer to Minor Accounts. All funds deposited into an Uniform Transfer to Minor Account (“UTMA”) irrevocably become the property of the minor, but are to be managed for the minor’s benefit by a designated custodian until the minor reaches the age of 21, at which time the custodian is responsible for distributing the funds to the minor. The minor shall have no authority to withdraw funds from the UTMA account. USB is entitled to rely upon instructions from the custodian named on the account. USB shall not be liable to the minor for any actions taken by the custodian in connection with the account. Only one custodian (who must be 21 or older) and one minor are allowed per account. Upon the death or evidence satisfactory to USB of incapacity of the custodian named on the account application, USB shall rely upon the instructions of a successor custodian USB shall have no duty to monitor the account or the status of the custodian or minor. Upon the withdrawal of all funds in the account by the custodian, USB shall have no further responsibility to the custodian or the minor and the account will be closed.
Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor (Custodial) Account (UTMA) is an account established by an individual as a custodian on behalf of a minor. The custodian must open the account in the name of the minor, include the minor’s tax- identification number, and sign their own name as custodian on the signature card. The custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to withdraw from or close the account. The custodian may name a successor custodian. In the event of the custodian’s death, we may place an administrative hold on the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal. It is the legal responsibility of the custodian to distribute the funds to the minor when the minor reaches the applicable termination age. We have no duty to monitor the account or the status of the custodian or minor or any transfer or distribution of funds. Upon the withdrawal, transfer, or distribution of all funds from the account by the custodian, we will have no further responsibility to the custodian or the minor and the account will be closed.
Uniform Transfer to Minor Accounts. A Uniform Transfer to Minor Account is an individual account established by a member as a custodian on behalf of a minor (a person under twenty-one (21) years of age). The custodian shall open the account in the name of the minor, include the minor’s social security number, and must sign his or her own name on the Account Card. The custodian is the owner of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to make withdrawals from, or close the account. In the event of the custodian’s death, the Credit Union may place an administrative hold on the account until it receives instructions from any person authorized by law to withdraw funds or a court order authorizing such withdrawal.
