Uniform Transfer to Minors Accounts Sample Clauses

Uniform Transfer to Minors Accounts. A Uniform Transfer to Minors Account (“UTMA”) 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 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. It is the custodian’s responsibility to turn the funds over to the “minor” once they reach 21 years of age.
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Uniform Transfer to Minors Accounts. A Uniform Transfer to Minor (Custodial) Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. 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 deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account, until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal.
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Uniform Transfer to Minors Accounts. A “UTM Account” is an account that is established by a custodian (as a fiduciary) for the benefit of a minor under the applicable state version of the Uniform Transfers to Minors Act (“UTMA”) or the Uniform Gifts to Minors Act (“UGMA”) (the UTMA and UGMA referred to collectively as the “Act”). If your Account is a UTM Account, the following terms apply:
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Uniform Transfer to Minors Accounts. A Uniform Transfer to Minors Account (UTTMA) is established when a custodian deposits funds as an irrevocable gift to 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 Taxpayer Identification Number (TIN), and must sign his or her own name on the Account Card. The custodian controls 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. If the custodian dies, we may place an administrative hold on the account until instructed by a legally authorized person or a court order to withdraw funds.
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Uniform Transfer to Minors Accounts. A Uniform Transfer to Minors 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.
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Related to Uniform Transfer to Minors Accounts

  • Special Accounts 1. For the purposes of this Schedule:

  • Accounts Excluded from Financial Accounts The following accounts are excluded from the definition of Financial Accounts and therefore shall not be treated as U.S. Reportable Accounts.

  • Automatic transfer to new card account If you are issued with a replacement card with a different card number, you will need to re-establish any recurring payment instructions you have with your respective billing organization(s) to avoid any disruption to your bill payments and/or lapses in your policies (where applicable) and we will not be liable for any loss or damages incurred by you in connection with your failure to do such update. Further, if your recurring payment instruction is with a Specified Organisation named in xxxx://xxxxxxxx.xxx.xx/recurringmerchants, you agree that we may, but are not obliged to, automatically charge your bills to such replacement card.

  • CUSTODIAL ACCOUNTS It is agreed that all accounts opened under the Uniform Gift to Minors Act (UGMA), the Uniform Transfers to Minors Act (UTMA), or similar state statutes will be properly created and that all property so transferred will be done in compliance with such applicable statutes. There will be good faith reliance upon the instructions given, representations made and actions taken by a transferor or custodian. Further, the custodian represents and warrants that the assets in the account belong to the minor and that all such assets, whether or not transferred out of the UGMA or UTMA account, will only be used for the benefit of the minor.

  • Financial Institution with Only Low-Value Accounts An Estonian Financial Institution satisfying the following requirements:

  • MEMBER'S ACCOUNTS The Member will maintain separate capital and distribution accounts. The Member's capital account will be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv), each capital account will consist of the Member’s initial capital contribution:

  • Certain Savings Accounts 1. An account established and maintained in the Slovak Republic that satisfies any of the following:

  • Control of Joint Accounts Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature or authenticated request of any other owner(s). Any owner may withdraw or transfer funds, pledge to us all or any part of the shares, or stop payment on items without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners in order to act.

  • Additional Procedures Applicable to High Value Accounts 1. If a Preexisting Individual Account is a High Value Account as of December 31, 2013, the Reporting [FATCA Partner] Financial Institution must complete the enhanced review procedures described in paragraph D of this section with respect to such account by December 31, 2014. If based on this review, such account is identified as a U.S. Reportable Account, the Reporting [FATCA Partner] Financial Institution must report the required information about such account with respect to 2013 and 2014 in the first report on the Account. For all subsequent years, information about the account should be reported on an annual basis.

  • Business Accounts If you are a business, any authorized user of your business is authorized on such terms, conditions, and agreements as we may require to: • enter into this Agreement, as amended from time to time; • access each account of yours in any manner and for any purpose available through the Service, whether now available or available at some time in the future; and • use any Online banking service in any manner and for any purpose available through the Service, whether now available or available at some time in the future.

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