Misconceptions about minor accounts may cause confusion and unequal treatment – even from branch to branch. Although account ownership is dictated by state law, some common areas should be understood by all credit unions that offer accounts to minors. Can UTMA funds be paid directly to the minor at age 21? How old must a minor be to open an account? When can a minor have a debit card? From membership, to CIP, to disbursement on minor accounts, credit union staff must be aware of common problems – and solutions.
- How can minors qualify for membership?
- CIP: Member identification for minors
- Types of minor accounts – individual, joint, in trust for, etc.
- Setting up and handling special accounts for minors, such as UTMA and Coverdell ESAs
- Minors and representative payee accounts
- Who can transact on minor accounts?
- Share insurance requirements when minors are owners, co-owners, or beneficiariesWhat happens when a minor dies?
- Dealing with minors as account beneficiaries
Who Should Attend?
This informative session is designed for new account representatives, membership officers, frontline staff, compliance specialists, and those who handle decedent accounts. Attendance verification for CE credits provided upon request.
About the Presenter: Mary-Lou Heighes, CUCE, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc. Involved in the credit union movement since 1989, she spent 5 years working in credit unions in almost every position, including loan officer, marketer, and collector. She also worked at the California Credit Union League for 7 years, providing compliance assistance and advising credit unions of regulatory changes. While at the league and for several years thereafter, Mary-Lou advised on state and federal legislative issues. Compliance Plus, Inc. was founded in 2000 to provide compliance assistance to credit unions. Since then, Mary-Lou has helped credit unions with developing compliance programs, provided compliance training nationwide, and spoken at numerous credit union conferences throughout the country. She has been an instructor at Regulatory Compliance Schools, conducts dozens of webinars for credit-union-related organizations throughout the country, and has written articles for Credit Union Magazine.
|Over $7 million
|$7 - 75 million
|Under $7 million
Cancellation Policy: Sorry, no cancellations are allowed after connecting instructions and handout materials are distributed to registrants. Substitutions are welcomed and encouraged.
Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.