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Home >> Checks/Money Orders >> Checks You Received
Unable to Deposit Dividend Checks
My financial institution, after 11 years, is refusing to deposit dividend checks made out to: My Aunt Custodian, My daughter, UTMA/AZ, our address, without being endorsed by my aunt, since she is not on the depository account, even though it is endorsed by my daughter. Is this correct? Has there been a recent change?
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 It is strange that the institution accepted those checks for deposit before, because it should not have. The checks are not payable to your daughter, but to your aunt. They require your aunt's endorsement for proper negotiation.
Has your daughter reached the age at which the custodial property (the investments generating the dividend checks) should be transferred to her name? That age will 18 or 21, depending on the circumstances under which the property was placed into the UTMA custodial account. If so, she should ask your aunt to arrange for the transfer. If your daughter has not yet reached the age to assume title of the property, future dividend checks should be endorsed by the custodian.
Published on BankingQuestions.com 3/23/09
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