In the state of AR:
1) Can a minor legally be set up as 'primary' on a joint account? If yes, can this be done even if the minor is not present and does not sign the signature card?
2) Is a minor allowed to withdraw funds from a savings account without ever signing a signature card, even if she is primary on that account?
3) Is a minor allowed to withdraw funds from a savings account without any form of state-issued, legal identification?
The Arkansas Code permits a bank to open accounts for minors as they would for adults. However, a binding deposit contract cannot be made with a minor who is unable to understand the contract or sign his or her name.
Accordingly, it is not recommended that a minor be listed as an owner of a deposit account with withdrawal rights and contractual responsibilities under such a set of circumstances. With regard to identification requirements for withdrawals, that is a concern of an individual bank's policy. The purpose of any such ID requirement is to protect the bank from making improper or unauthorized payments.
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The Arkansas Code permits a bank to open accounts for minors as they would for adults. However, a binding deposit contract cannot be made with a minor who is unable to understand the contract or sign his or her name.