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October 19, 2015 03:35:46 PM
In reply to Doreen, Middletown
Welcome to TD Helps and thank you for sending us your question, Doreen.
A Uniform Transfer to Minor Account (UTTMA) is used to gift money to a minor until they reach the age of majority. Both phrases UTTMA and UTMA are used interchangeably to describe the same meaning. This account listing refers to how an account is titled when a minor is listed on it. Under these circumstances, the minor is not an Authorized Signer on the account and may not access funds in the account.
We hope the information provided helps. Let us know if you have any further questions and have a great day.
Customer Service Team, Mount Laurel
October 19, 2015 03:38:15 PM