Except as otherwise expressly provided in this article, an association or federal association may issue savings accounts to any married person or minor as the sole and absolute owner of the account, and receive payments by or for the owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to the accounts on the order of a married person or minor. A married person or minor may establish a trust under Sections 401 and 408 of the Internal Revenue Code of 1986, as amended, and an association or federal association may issue savings accounts to the trust.
Savings OperationsMarried Persons and Minors
Section § 6750
This law states that a bank or credit union can open savings accounts for married people or minors, who will be the sole owners. These accounts work just like any other, where the owner can make payments, withdrawals, and other transactions. Also, married people or minors can set up a trust under specific sections of the IRS code, and the bank can issue savings accounts to that trust.
savings accounts married person minor
Section § 6751
This law states that if a bank or financial institution makes payments to a married person, a minor, or a trust set up for them, they're protected from any responsibility once the payment is made. This means, if the married person or minor receives money or signs for it, the bank has done its part and can't be held liable for how the money is used afterward.
Any payment or delivery of rights to a married person, to any minor, or to a trust established by or for a married person, or a minor, or a receipt or acquittance signed by a married person or by a minor who holds a savings account, shall be a sufficient release of the association or federal association for any payment made or delivery of rights to the married person or minor.
payment delivery married person financial rights minor savings account
Section § 6752
This law explains how financial transactions work with a minor's account. If a minor takes any required action with the account, like making a withdrawal, it is considered valid as if they were an adult. Parents or guardians cannot access or move money from the minor's account. However, for minors 13 or younger, parents can request that both their signature and the child's are needed for withdrawals. If the minor passes away, a parent or guardian can handle the account for amounts up to $2,500 unless instructed otherwise.
(a)CA Financial Code § 6752(a) In the case of a minor, the receipt, acquittance, pledge, or other action required by the association or federal association to be taken by the minor shall be binding upon the minor with like effect as if the minor were of full age and legal capacity.
(b)CA Financial Code § 6752(b) Except under subdivision (c), the parent or guardian of the minor shall not have the power to attach or transfer any savings account issued to or in the name of the minor, provided that a parent or guardian of a minor aged 13 or less may require, by written notice delivered to the office where the account is
maintained, that the signatures of both the minor and the parent or guardian be required for withdrawals from the account.
(c)CA Financial Code § 6752(c) In the event of the death of a minor the receipt or acquittance of either parent, guardian, or foster parent of the minor is a sufficient discharge of the association or federal association for any sums not exceeding in the aggregate two thousand five hundred dollars ($2,500) unless the minor has given written notice to the association or federal association to accept the signature of the parent, guardian or foster parent to withdraw a greater amount.
minor's financial transactions minor's account parental control
