Age for a savings account?

[Jeannie]

My DD went to the bank today to change her custodial account (my name on it with hers) to her name only since she is now 18. She was told that she couldn't change it until she is 21. Is this something new, or do different banks have their own age requirements?

Thanks!
Jeannie

 

[clh2]

Was it set up as an UTMAor an UGMA account ? Each state has their own rules on when that money would change to the child-turned adult. The ages range from 18 to 21, depending on the state.

Click on this link to see a little more info on UTMA's and UGMA's.
ugma utma link

Now this is where things become MY OPINION - and I am not an financial planner or accountant type. If your daughter wants to make a major purchase - like a car, or a trip or schooling, you (assuming you are the custodian) can take the money out on her behalf.

 

[ead79]

I asked my husband (he works for a bank) about the rules where he works, and here is what he said. When the minor is 18 the parents can come in with them and change it. The parent must be there with the child because it's technically considered to be the parent's account, not the child's. We live in Georgia if that helps any.

 

[The Mystery Machine]

I would think you would need to go and close the account and open up a new one in her name only.