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The both have passbooks in their names and I'm the custodian. I've been told once they hit 18 they do not need my permission to access these accounts. Sue to this reason I want one I'm in charge of but I do not want to pay any fees to have it. I'd like it linked to my checking account also so I can transfer money into it electronically monthly. Can you recommend a type of account?
April 12, 2015 05:31:32 PM
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In reply to D, Norristown
That's an excellent question you've asked! We'd be happy to point you in the right direction in regard to our savings accounts.
Based on your message, it sounds as though you'd like to make sure that the savings in these accounts are reserved for your children's college funds. We completely understand and would like to let you know that if you are listed as the Custodian on the accounts and your children as the Minor/Beneficiary, they would not be able to access the funds without your assistance, even after they turn 18. Only the Custodian is authorized to access the account. Once your children are of legal age, at your choosing you may visit us at a Store to close the account and provide them with the funds. We would recommend that you review the titling of your account to be sure and you are more than welcome to reach us 24/7 at 888-751-9000 to check.
We also noticed that you mentioned having Passbook accounts with us. Kindly note that Passbook accounts do not allow for transfers and any transactions must be initiated in-Store. If you prefer to be able to make transfers to or from these accounts by other means, we do invite you to visit a TD Bank Store to look at your options for Young Saver Statement accounts, which do allow for transfers. Click here: http://bit.ly/TDStores to find a TD Bank near you.
If you do prefer to review our other Savings options, feel free! Please find the savings products we offer listed here: http://bit.ly/1hzzhPT. We also invite you to use our Savings Selector at http://bit.ly/1sxY9Rd which can help you find the best account for you after you answer a few quick questions. If you have any questions, give us a call 24/7 at the number listed above or stop in at any of our locations.
Also, since you mentioned that you're looking to save specifically for your children's college tuitions, our partners over at TD Ameritrade have some products that are designed for college savings as well! We recommend taking a visit here: www.tdameritrade.com or giving a call to a TD Ameritrade Consultant 24/7 at 800-454-9272 to discuss what account options may be available to you.
We hope this helps and enjoy the rest of your weekend!
Kristen P, Mount Laurel
April 12, 2015 05:33:01 PM