A Uniform Transfer to Minors Account (UTMA) is a type of custodial savings account for a minor. UTMA accounts designate a person as the custodian for the account. The account is setup under the control of the custodian for the benefit of the minor. The minor is defined as a person under 18 or 21 years of age, depending on the state where the account was opened. The custodian, not the minor beneficiary of the account, needs to endorse the check from a UTMA account.
Turn the check over so the back is facing you.
Write the phrase "For Deposit Only" at the top of the check above the "Don't write below" line.
Sign the check exactly as the payee appears on the front of the check. For example, if the check reads Michael Smith CUST For John Doe UTMA," Michael Smith would need to sign the check using the exact aforementioned verbiage.
- Bankof America: Open a UTMA account
- Fairmark: Custodial Accounts 101
- Bank of America Customer Service: 800-432-1000
- Social Security Administration. "Uniform Transfers to Minors Act." Accessed August 7, 2020.
- Calamos. "Florida Legislature: Financial “Age of Maturity” Now as High as 25 for Certain Transfers to Minors," Page 1. Accessed August 7, 2020
- Internal Revenue Service. "Frequently Asked Questions on Gift Taxes." Accessed August 7, 2020.
Since 1992 Matt McGew has provided content for on and offline businesses and publications. Previous work has appeared in the "Los Angeles Times," Travelocity and "GQ Magazine." McGew specializes in search engine optimization and has a Master of Arts in journalism from New York University.