Last year I purchased a CD for my grandson. He is a minor child, but both of us are listed as shareholders, with me as custodian. I am now unemployed and could really use this money to pay some bills, can I cash in this CD?
Get clarification from the bank or credit union concerning how the account is set up. If the CD is titled with you as custodian for your minor grandson and carries an UTMA or UGMA designation, it could be a violation of your state's Uniform Transfers/Gifts to Minors Act for you to use those funds for your own purposes. Funds in such accounts are restricted for the benefit or use of the minor.
Regardless of how the account is set up, the bank or credit union may not be willing to allow an early withdrawal. Contact the depository institution for further information.
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Get clarification from the bank or credit union concerning how the account is set up. If the CD is titled with you as custodian for your minor grandson and carries an 