A COL Account for Minors (below 18 years old) is called an In-Trust-For Account (ITF). This is specifically intended for a parent who wants his/her minor child to be the beneficiary of the account.
The procedure for opening an ITF Account is basically the same as the standard application (you can follow the steps in ‘How to Open a COL Account‘).
1. In filling out the form, the parent would be the Primary Account Holder and the minor would be the Secondary Account Holder. In the signature portion, the Primary signs on the first line and the name of the minor should be written on the second line.
Note:The Primary Account Holder needs to be the biological parent of the minor. Otherwise, adoption or court papers showing appointment as the minor’s guardian have to be presented.Once the beneficiary reaches the age of majority, the Primary Account Holder may convert the account into either:
1. a Joint Account with the beneficiary; or
2. an Individual Account under the beneficiary’s name.
Thanks & God bless,
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