Uniform Transfer to Minor Accounts (UTMA)

Uniform Transfer to Minor Accounts (UTMA) are irrevocable trust accounts established for a minor. The purpose of these accounts is for a custodian (parent, grandparent, or guardian) to be able to open an account for the benefit of a minor child. If the custodian does not want to open a UTMA, they may open an account in their (custodian's) name and add the minor as the beneficiary. The credit union acts as the depository for the funds and has no responsibility to “police” the account.

Reasons why a UTMA may be opened:

• Custodian does not want minor to have access to the funds
• Minor is too young to sign

General information about UTMAs:

• The account is opened under the minor's name, date of birth, and social security number (they do not need to be present). We will require one piece of identification for the minor from the below list:
  -State issued ID card
  -Passport
  -Birth certificate
  -SSN Card 
• The UTMA can be set up for benefit of the minor until they turn age 18, 21, or 25
• The account opened will be a savings only. If checking is requested, approval from the Regional Manager or VP of Operations is required.
• The beneficiary (minor) does NOT have access to these accounts
• Either the custodian or the beneficiary (minor) must be a credit union member

The following are NOT offered for UTMA accounts:

• ATM card
• Debit card
• Travel card