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My son just had his first Holy Communion and he got a lot of checks as gifts. How can I put them into my account if they aren’t made out to me? I want him to earn interest while the money sits there because I don’t want him to get it until he turns 18. I guess I should put them in my savings account but what are my other options and what will give me the most interest?
Robert, Bear, DE
March 18, 2014 02:00:36 PM
Saving & Managing Your Money
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In reply to Robert, Bear, DE
Congratulations to your son, Robert! You and your family must be so proud of his achievement.
We have many options for the gifts your son has received. You may be able to deposit the checks into your personal account. To do this, you would first need endorse the checks as if they were written to you. Then, beneath your signature you would need to write, ‘Parent of Minor.’ The funds would then clear your account as if you were making a check deposit for yourself. Another options could be to open a savings account for your son. Here is a link for you to get a customized recommendation of an account that could suit your needs http://bit.ly/1sxY9Rd . A third option could be to open a CD with your son. If you want to take a look at our CD options here is some more information for you here: http://bit.ly/1cWIYwb .
Most savings account types and CD’s offer a custodian option. The links provided above will give you details on the accounts and they can be opened at any TD Bank Store. When you stop by, be sure to bring your son’s social security number (and your identification) for the account opening process.
Hope this helps and please feel free to reach out here if you have any further questions.
Yen D, Mount Laurel
March 20, 2014 01:24:30 PM