New - UTMA BasicsWith John Burnett
- 1 Video
- 1 Multimedia
- 3 Downloads
- 1.0 hr
You’ve got customers at your desk who want to open an account for their new baby girl. Grandparents and uncles, aunts and friends have been very generous, and the young couple wants to deposit $5,000 in checks and cash they’ve received in the account. Everything they say suggests they have no immediate plans for the money, but want to ensure it will “be there for her” when the need arises.
These are all preliminary signs that a UTMA account could be exactly what they need. You need to be able to explain these accounts and compare them with other possible products that might be right for them. That means you need to know basic information about UTMA accounts. This special one-hour program is designed to provide the basic information you need.
In this program, we’ll discuss—
- The basic purpose of the Uniform Transfer to Minors Act
- Reasons to select a UTMA account
- When a UTMA account is not the answer
- Documentation and information needed
- Setting up the account
- Use of the account
- Improper use of UTMA accounts
- Taking action when the bank sees abuse of an account
- Who has account access
- Death of the custodian (or the minor)
- Terminating the custodianship and closing the account
WHO SHOULD ATTEND:
Customer service personnel who need a basic understanding of UTMA deposit accounts to be able to confidently offer them as a product when appropriate.
John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.
John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company.
John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.
He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.