Page 5 - Kids & Savings Brochure
P. 5

Uniform Transfer to Minors Act Account
Uniform Transfer to Minors Act (UTTMA)
account: The account is owned by the child but controlled by the custodian, who can be a parent or another adult. The child and the custodian must be eligible for membership. The custodian has the option to name a successor custodian to act in the event of his/her incapacity, death, resignation or removal. Funds in a UTTMA account may be released to the minor at the age of 18 and must be released when the minor reaches age 21.

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