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 CIP to disbursement on minor accounts, credit union staff must be aware of common problems – and solutions. These issues and many others will be addressed during this valuable presentation.
- How minors can qualify for membership
- CIP 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 beneficiaries
- What happens when a minor dies?
- Dealing with minors as account beneficiaries
- TAKE-AWAY TOOLKIT
- Minor account type chart
- Internet resources, including state-specific links
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND?
This informative session will benefit new accounts staff, membership officers, tellers, frontline staff, compliance specialists, and those who handle minor decedent accounts.
ABOUT THE PRESENTER – Mary-Lou Heighes, CUCE, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc. Involved in the financial services industry since 1989, she has worked in numerous positions, including 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.
Compliance Plus, Inc. was founded in 2000 to provide compliance assistance to financial industry. Since then, Mary-Lou has helped financial institutions with developing compliance programs, provided compliance training nationwide, and spoken at numerous conferences throughout the country. She has been an instructor at regulatory compliance schools, conducts dozens of webinars and conferences throughout the country, and has written articles for Credit Union Magazine.
|Over $75 million
|$25 - $75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records.