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ID Needed to Open Account for Minor

What types of ID are required to open an account for a minor?

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State laws vary widely on whether accounts for minors can be opened, and financial institutions will have their own policies on whether to open them, and what types of accounts they will accept for minors. Assuming that an institution is willing to accept a deposit account for a minor, it will be up to them to determine how it will verify the minor's identity, or whether it needs to at all in certain cases.

The institution is required by federal law to confirm the identity of its customers. Depending on the type of account being opened, the customer may be the minor or it may be an adult opening the account on the minor's behalf. The types of identification available for adults varies greatly from what is available for minors. The institution has to take that into account when deciding whether to open minors' accounts, what types of accounts to open, and how to verify their identity.

Published on BankingQuestions.com 3/05/08