With an UTMAaccount where the parent is the custodian and the child is the beneficiary can the banker or teller tell to the child what the balance is on the account?
Generally, disclosing a balance on such an account to the minor, while technically improper, is a "no harm, no foul" proposition if the bank inadvertently makes such a disclosure. However, the bank's customer is the custodian, not the child, and providing the information to the child could cause friction with the custodian.
Published on BankingQuestions.com 7/31/07
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Generally, disclosing a balance on such an account to the minor, while technically improper, is a "no harm, no foul" proposition if the bank inadvertently makes such a disclosure. However, the bank's customer is the custodian, not the child, and providing the information to the child could cause friction with the custodian.
