Webinar: Minor Accounts In-Depth
May 14, 2024 3:00 pm - 4:30 pm
The signature card reads “Johnny Jones by Mother Jones.” What does that mean exactly?
Does Johnny have any rights to the funds in the account? Who has to endorse the checks? If you have ever been confused about a minor’s account, you are not alone! Clear the confusion cobwebs and get crystal clarity about how to deal with minor accounts. Gain the confidence you need to handle these (sometimes sticky) situations.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Determine who has authority over an UTMA
- Understand when minors can own and have equal rights to an account
- Explain which accounts minors have access to on their own
- Distinguish between minor accounts and accounts held in trust for a minor
- Describe the different types of minor accounts and their uses
WEBINAR DETAILS
There tends to be many questions surrounding minor accounts. When can a minor open an account? Is it required/prohibited to have an adult on the account as well? Can a minor withdraw from an account in their name? What if the custodian has not disbursed the UTMA funds and the minor is now 18? Confusion abounds with these and other questions. This webinar will sort out the truths from the myths and provide greater clarity and certainty for those establishing and maintaining these accounts.
WHO SHOULD ATTEND?
This informative session will benefit new accounts personnel, tellers, financial services representatives, auditors, and compliance staff.
TAKE-AWAY TOOLKIT
- Model language for different types of minor accounts
- Minor account cheat sheet
- List of internet resources
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
Speaker: Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has assisted financial institutions with the development of compliance programs since 2000. She provides compliance training for trade associations and financial institutions. Mary-Lou has been an instructor at regulatory compliance schools, conducts dozens of webinars, and speaks at numerous conferences throughout the country.
Involved with financial institutions since 1989, Mary-Lou has over 30 years’ compliance experience. Before starting Compliance Plus in 2000, she spent five years working as a loan officer, marketer, and collector. She also worked at a state trade association for seven years providing compliance assistance and advising on state and federal legislative issues that affect financial institutions.