Uniform Transfers to Minors Act (UTMA)
UTMA accounts, are allowable under the Pennsylvania Uniform Gift to Minors Act. This is a custodial account that allows parents or other interested parties to give a gift of money to a minor without the need of a court-appointed guardian. A custodial account is listed under the minor’s name and social security number, but the custodian is responsible for transactions on the account.
Please note: UTMA accounts are separate from the Armco Youth Programs and are not eligible to receive Armco Bucks bonus money.
- Minimum $5.00 to open an account plus a $1.00 membership fee if the minor isn’t already an Armco CU member.
- Only one custodian may be named. This is the only person permitted to withdrawal money. The minor is not permitted to make withdrawals.
- Other family members and friends may deposit money into the account.
- No maximum amount or restrictions on how much money can be deposited.
- No penalties for withdrawal.
- An UTMA account can be opened as soon as the child has a Social Security Number.