Can a minor open an account in the Funds?
A minor cannot have direct ownership of mutual fund shares, but can own shares through a custodial account. The account is registered under the minor’s Social Security number, but the custodian has control of the account.A minor cannot have direct ownership of mutual fund shares, but can own shares through a custodial account. The account is registered under the minor’s Social Security number, but the custodian has control of the account.Accounts for minor children may be established as:A minor cannot have direct ownership of mutual fund shares, but can own shares through a custodial account.
Related Questions
- When can funds be turned over to a minor who has become 18? Can distribution be made to the minor prior to the approval of the final account?
- How can I transfer funds between two different account numbers (cross-account transfer) with Online Teller?
- Can the minor named in the account liquidate the funds once they turn 21?
