LGFCU has special deposit account types that address who manages and how money is managed in an account.
Uniform Transfer to Minors Act
Uniform Transfer to Minors Act (UTMA) is an irrevocable gift to a person under 21 years of age.
- Adult custodian acts on behalf of the minor
- Only one custodian and one minor per account
- Dividends are taxable income to the minor child, not the custodian.
- When the minor reaches age 21, the custodian must transfer the funds to a new account established in the former minorâ€™s name, if eligible.
Personal Agency Account
When a member needs someone to carry out account transactions for them because, for whatever reason, they are unable to do so.
- Member has the right to appoint another person to act as agent for them in depositing and withdrawing funds from their account
- The Personal Agent does not have any claim to the funds in the account.
Find out how a special account could benefit you!