You would have to check with the banks in your area, most of them have various policies regarding minors. The most common practice for the type of account you are looking for would be that the minor must have a parent or other responsible party be a co-owner on an account; due to the fact that the account is a contract and contracts signed by minors alone are un-enforceable.

The only banks in my city are Capital City and Compass...Which Compass does not allow minors to hold checking accounts even with parent co-sign. And my mom isn't willing to open a checking account at her bank (Capital City) for me..So the next question arises..Can you make electronic transfers as a minor with a savings account?

Under 12 CFR 204.2 (Reg D):
(2) The term savings deposit also means: A deposit or account, such as an account commonly known as a passbook savings account, a statement savings account, or as a money market deposit account (MMDA), that otherwise meets the requirements of Sec. 204.2(d)(1) and from which, under the terms of the deposit contract or by practice of the depository institution, the depositor is permitted or authorized to make no more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per calendar month or statement cycle (or similar period) of at least four weeks, to another account (including a transaction account) of the depositor at the same institution or to a third party by means of a preauthorized or automatic transfer, or telephonic (including data transmission) agreement, order or instruction, and no more than three of the six such transfers may be made by check, draft, debit card, or similar order made by the depositor and payable to third parties. A preauthorized transfer includes any arrangement by the depository institution to pay a third party from the account of a depositor upon written or oral instruction (including an order received through an automated clearing house (ACH)) or any arrangement by a depository institution to pay a third party from the account of the depositor at a predetermined time or on a fixed schedule. Such an account is not a transaction account by virtue of an arrangement that permits transfers for the purpose of repaying loans and associated expenses at the same depository institution (as originator or servicer) or that permits transfers of funds from this account to another account of the same depositor at the same institution or permits withdrawals (payments directly to the depositor) from the account when such transfers or withdrawals are made by mail, messenger, automated teller machine, or in person or when such withdrawals are made by telephone (via check mailed to the depositor) regardless of the number of such transfers or withdrawals.

PS-Direct deposits (credits to your account) are unlimited.

I have a similar question regarding parents opening accounts for minors. My question is when the minor can't sign the signature card, can an account still be opened as a joint account with the parent and minor. I want to open an account for my two kids (18 months and 3 weeks) and use their SSN's as the TIN's. Can this be done?

Why don't you open it as a custodial account? You can use their SSN, but you will retain control over the funds.

I've thought about opening a custodial account but I'm not sure about the restrictions for withdrawal. For example, if I need access to the funds within the next few years to help take care of my child, take him to Disneyland, buy him a bike, etc., I want to be able to make those kinds of withdrawals.

Try an UTMA account.

UTMA accounts are custodial accounts and that's what I'm trying to avoid.

As the guardian of the account, you may access the funds if they are being used for the benefit of the minor. It is entirely your responsibility to keep records of your transactions.

One aspect of the UTMA account of which you should be aware -- money in such an account is irrevocably the property of the minor (although the custodian manages the money until the age of majority under a state's UTMA provisions). Once the minor attains the appropriate age, the custodian must surrender the account to the minor (even if the minor is, shall we say, not ready to handle such a sum).

One alternative (and it doesn't work for everyone) is the POD designation on an account of your own. Put Junior's money in the POD account, and you retain control since there is no law requiring surrender of the funds. But income on such an account is taxed in your name, not in Junior's, and the funds would be reachable by your creditors if you run into trouble in that arena.

The option of a UTMA account is nice; however, I would prefer to open a joint account with my son (18 months) as the primary owner and myself as a joint owner. Is this possible? I understand that a minor isn't able to sign the contractual agreement, but if I sign isn't it sufficient?

Nope - the signature card is a contract between the owners of the account and the Financial Institution - an 18 month old can neither sign their name or begin to comprehend what they're doing - (Of course neither can some adults, but that's beside the point). Now of course some institutions may allow such an account ownership, but their liability is off the charts should something go wrong - likely the contract would be un-enforceable.

This is good to know. At what age can a minor sign a contractual agreement and open an account either as a joint or primary account owner? I remeber when I was 8 years old my mother was joint on an account with me. At 16 I was opening accounts in my name alone.

When one reaches the age of majority in whichever state they live in, then there will be an enforceable contract.

Likely when you were 8, things were a little different - not to get to personal, but 32 years ago when I was 8 our bank would do the same thing. But then neither would customers sue at the drop of a hat, or attempt to find other ways out of personal responsibility.

Unfortunately our society today has taken a turn that requires banks to CYA (Cover Your Assets).

In the state of Texas, for the purpose of entering into a depositary relationship, the age of majority is 16.

Can a minor in the State of Florida be liable for a checking account overdraft charges if the parent doesn't sign on as guardian?

I am getting ssi back pay for a disabilitly I want to save money for my daughter of eleven years. They will not let me keep ANY accessable resources for more than nine months. Then I will not recieve the $300.@ mo. that I am entitled to.

I opened up a UTMA account for my daughter a year ago. She has been depositing $ in account from a part time job. I have allowed her take some $ out for a down payment on a car and misc things. She now has decided that she wants to move out and wants $ now. She is still 17.
Question 1 She had a pregnancy and our insurance did not cover depend pregnancy. Can i use $ to pay unpaid medical bills from her pregnancy. Bills are in our name since she is a minor
Question 2 If i giver her $, am i responsible as custodian for not overseeing the use of $ since she is still a minor (We live in Texas)

The bank isn't responsible to verify use of the money, and that is a legal question. Generally the funds must be used for the benefit of the minor. While medical bills for the minor sound like they meet that requirement, you can verify with an attorney if you are afraid of legal questions being asked about use or accountability.

The second part of your question is similar in that giving the funds directly to the minor seems contradictory to the reason the account was established. If in moving out your daughter also becomes emancipated, this may be moot as she would no longer be a minor. So again, you don't have to provide funds, and you may seek specific legal advice before you do.

I heard the the SEC has issued a ruling to restrict the withdrawal of money market funds if a banking emergency occurs. Is this true?

The restrictions to which you refer involve the short sale of investment money markets (Liquid investments invested in the stock market, bonds, or other funds.)

This has nothing to do with interest bearing money market accounts available at any banking institution insured by the FDIC.

The SEC only regulates investments, not banks.