UTMA Basics


$225.00

Presented by: John Burnett
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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.

About the Speakers: 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. He is also a graduate of the BAI's and the Massachusetts Banker Association's Schools of Banking.

He joined Cape Cod Bank and Trust Company in 1971 and assumed his role as 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 became a part of the BOL Team in June, 2004.

Mr. Burnett is a former member chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.

This program was recorded in its entirety in February 2020. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_utma0220
  • Manufactured by: Glia Group, Inc.


This product was added to our catalog on Friday 20 December, 2019.

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