How to Withdraw Money From a Minor's Account

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A minor's bank account works in much the same way as an adult's account, except for the fact that the minor who owns the account usually can't make withdrawals: In states where minors can't open their own accounts, only the account custodian can make withdrawals. Typically, banks offer minor savings accounts rather than checking accounts, and you normally have to make in-person withdrawals at the bank rather than at an ATM. Under Federal Regulation D, you can make unlimited in-person withdrawals from savings accounts.

Locate the savings account withdrawal booklet for the minor's account. If you can't find the account booklet, you can find the account number listed on the most recent bank statement. If you can't find the account number, you must find out the minor's Social Security number: Bank employees can use that information to look up the account number.

Go to your local branch of the bank that holds the minor's account. Fill out the withdrawal slip and sign it. If you don't have withdrawal slips for the account, you can use a generic withdrawal slip, in which case you must also write the account number on the slip.

Give the withdrawal slip to a teller, along with a government-issued form of identification such as a passport or driver's license. Count the cash that the teller hands you and ask for a receipt with an account balance printed on it. Update the savings withdrawal register to record the amount of the withdrawal and the new account balance.

Tips & Warnings

  • Minors usually can't open bank accounts because when a customer opens an account, he must sign an account agreement, and only an adult can sign a legal agreement. However, states such as Oklahoma and Colorado make an exception to contract law to allow minors to open bank accounts. You can find out your own state's laws pertaining to minors by contacting local banks. If your state allows minors to open accounts, a minor can open an account if she has an ID such as a passport or driver's license. The minor doesn't have to involve a parent or any other adult in the opening of the account.
  • You can open a bank account with various ownership structures such as joint accounts, custodial accounts or trust accounts. Laws on ownership structures, also known as account styling, vary from state to state, so consider closing a minor account and reopening a new one if you move to a new state. If you don't, you may have legal issues if any problems arise with the account, because your new state may not recognize the account type that you have. If a minor opened an account as a minor in another state, he may find himself unable to use that account once he moves to another state.

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