My daughter's savings account in Florida was consistently charged fees, and the balance went down until it closed. Can the bank do that on a minor's account?
A lot will depend on the type of institution that held the account. If the institution was chartered by the State of Florida, Florida law will apply. We are not aware of any Florida statute preventing the assessment of service charges on a minor's savings account.
If the account was held by a federally-chartered institution, it would not be protected by any state law on service charges. There is no federal rule against such a fee. The bank's service charges should have been described in the documentation you or your daughter received when the account was opened, or in a notice provided at a later date, if the fees were begun after account opening.
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A lot will depend on the type of institution that held the account. If the institution was chartered by the State of Florida, Florida law will apply. We are not aware of any Florida statute preventing the assessment of service charges on a minor's savings account.