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Wife has two kids from previous relationship as do I. The savings accounts for "her two kids" are visible to her when she logs into Huntington and the accounts for "my two kids" are visible to me when I log in. Wife and I have joint checking and savings account, visible to both of us. 

In an attempt to simplify life, we both went into the branch the other day to make all four kids' accounts visible to both of us. We were told that there could only be one parent /adult per custodial account. I wasn't thrilled with this answer. I asked what happens if the parent not on the account is in a wreck and dies, what happens to the (kids) accounts. He told me that it would have to go through court / probate. 

This seems like a bunch of crap to me and a lot of extra hassle. I wouldn't have thought it would be difficult for both parents to have access to the kids' accounts. 
Is this a Huntington thing? Across the board? This guy full of it? 

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rated:
evercl92 said:   Wife has two kids from previous relationship as do I. The savings accounts for "her two kids" are visible to her when she logs into Huntington and the accounts for "my two kids" are visible to me when I log in. Wife and I have joint checking and savings account, visible to both of us. 

In an attempt to simplify life, we both went into the branch the other day to make all four kids' accounts visible to both of us. We were told that there could only be one parent /adult per custodial account. I wasn't thrilled with this answer. I asked what happens if the parent not on the account is in a wreck and dies, what happens to the (kids) accounts. He told me that it would have to go through court / probate. 

This seems like a bunch of crap to me and a lot of extra hassle. I wouldn't have thought it would be difficult for both parents to have access to the kids' accounts. 
Is this a Huntington thing? Across the board? This guy full of it? 

  Complete nonsense.  Most banks allow for multiple joint account holders (i.e. more than 2).  The guy is either full of it or you need to switch banks.

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Seems like nonsense to me, too. We have accounts for our children at USAA, and both my husband and I can see/access those accounts from our individual log-ins.

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Different banks have different policies, so phisher4 is entirely correct.

It would be interesting to hear the response from this particular bank if you asked them to have the non-custodial biological parents named on the childrens' respective accounts. Legally, they might be required to adhere to such a request, depending on state law.

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Why not just give each other your log-in info?

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evercl92 said:   Wife has two kids from previous relationship as do I. The savings accounts for "her two kids" are visible to her when she logs into Huntington and the accounts for "my two kids" are visible to me when I log in. Wife and I have joint checking and savings account, visible to both of us. 

In an attempt to simplify life, we both went into the branch the other day to make all four kids' accounts visible to both of us. We were told that there could only be one parent /adult per custodial account. I wasn't thrilled with this answer. I asked what happens if the parent not on the account is in a wreck and dies, what happens to the (kids) accounts. He told me that it would have to go through court / probate. 

This seems like a bunch of crap to me and a lot of extra hassle. I wouldn't have thought it would be difficult for both parents to have access to the kids' accounts. 
Is this a Huntington thing? Across the board? This guy full of it? 

  For what it is worth:http://www.investopedia.com/exam-guide/finra-series-6/customer-a...
"There can only be one custodian and one minor per UGMA or UTMA account."
 

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Are these custodial accounts in the kids' names with the respective parents as custodian?  If so, whether or not more than one custodian is allowed is dependent upon state law and the bank's particular policy.  It's a hassle not being able to see the accounts online & transact on them, but what if one of you does die?  That would be a real problem for what I assume is not a whole lot of money?  Did you ask if there is a way to name a successor custodian?

Depending on the amount, you could always distribute the funds from the custodial accounts (assuming you have provided support at least equal to the value of the account) and instead deposit the funds to an account with Transfer on Death designation to the respective children.  This is what we have done for our son, just because the custodial accounts are a headache.  With interest rates so low, it doesn't make a difference if the earnings are taxed at my rate or his.

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atikovi said:   Why not just give each other your log-in info?
  We have each others - I guess I don't get why it needs to be this complicated. 

Say, grandparents give all four kids christmas money, and because "it's not safe to mail cash", they write individual checks to each kid. I mobile deposit four checks, 2 into main account, one into each of the kids I have access to. Then wife has to go in and transfer to the other 2 kids. 

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raringvt said:   Are these custodial accounts in the kids' names with the respective parents as custodian?  If so, whether or not more than one custodian is allowed is dependent upon state law and the bank's particular policy.  It's a hassle not being able to see the accounts online & transact on them, but what if one of you does die?  That would be a real problem for what I assume is not a whole lot of money?  Did you ask if there is a way to name a successor custodian?

Depending on the amount, you could always distribute the funds from the custodial accounts (assuming you have provided support at least equal to the value of the account) and instead deposit the funds to an account with Transfer on Death designation to the respective children.  This is what we have done for our son, just because the custodial accounts are a headache.  With interest rates so low, it doesn't make a difference if the earnings are taxed at my rate or his.

  
Wife is custodian of "her kids" and me of "mine". The bank dude offered that we could put all four under her or under mine. 
I didn't ask about successor, this guy didn't seem like he would know. I was already irritated by the process, as the wife was told previously that this wouldn't be a problem, as long as her and I were both present to do this 'consent' to each others accounts. So on one of the few days that her and I both had the day off and the time to do so, we figured this would be easy enough to take care of. 

And maybe that's the issue - the account type itself. He didn't offer other options, as again, he didn't seem to care to get too involved. The interest rates are so uselessly low, it wouldn't matter away, around what is a few hundred dollars. 

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Are these just regular savings accounts or are they some kind of special savings accounts for minors where they get higher interest?  I'd start with talking to the branch manager, if that didn't work call the 800 number, if that still didn't work and they won't budge then open new "joint" savings accounts with you and your wife as owners and make each different child the beneficiary of their associated account.  Truly you have to be careful though.  Depending on the age of the children and the amounts involved would you want to leave say a 15 year old $50k in cash?  If you and your wife are on good terms with your associated Ex's and they're trustworthy then make them the beneficiary and tell them what your doing.

But in truth, with 4 dependent children I question if you shouldn't have an estate plan and a trust and that's who the money should actually go to in the event something happens to both of you.

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AverageGuy09 said:   Are these just regular savings accounts or are they some kind of special savings accounts for minors where they get higher interest?  I'd start with talking to the branch manager, if that didn't work call the 800 number, if that still didn't work and they won't budge then open new "joint" savings accounts with you and your wife as owners and make each different child the beneficiary of their associated account.  Truly you have to be careful though.  Depending on the age of the children and the amounts involved would you want to leave say a 15 year old $50k in cash?  If you and your wife are on good terms with your associated Ex's and they're trustworthy then make them the beneficiary and tell them what your doing.

But in truth, with 4 dependent children I question if you shouldn't have an estate plan and a trust and that's who the money should actually go to in the event something happens to both of you.

  
I created the accounts for mine ~5 years ago. Honestly, I don't know what type they are, but I assume they are just normal savings accounts. They might earn a slightly higher interest rate, but it can't be much more - I just checked and the last interest deposit on one of the accounts was 2 cents (for 3 month time period) for ~$400. 

The joint accounts might work too, maybe being able to put the individual kid's names on their respective account.

Kids are all between 6 and 10 years old. 

As for ex's - not a chance. Both haven't had jobs in years, only speak when we have to, etc But that's a whole nother pile to deal with. 

FWIW, wife and I both had estate plans / living wills / trusts set up by a lawyer just last year. 

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If they're all similarly small amounts, I would cash them out & set up Joint accounts in your names that are TOD (Transfer on Death) to your children in the event that you both die.  You retain control of the money, and since you're not saving anything on taxes (currently), you're not losing out on anything by not having them set up as custodial accounts.

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You can thank the federal and state government for asinine rules.

https://www.bankofamerica.com/deposits/savings/utma-savings-acco...

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