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Minor Accounts
Question: Under Texas law, may the bank open up a checking account for a minor without the parent's joinder or consent?
Answer: Yes! However, the parent may give the bank written notice that he or she denies the minor the right to withdraw or write checks without the parent's joinder. Section 34.305 of the Finance Code removes the minor's disabilities for the limited purpose of being responsible for the account--including responsibility for any overdrafts. (This does NOT authorize a minor to borrow, however.)
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Comments & Questions
If you would like
to comment on legislative topics or if you have questions about this
information please call our public affairs expert, Mae Beth Palone at
(800) 749-4228 or E-mail mbpalone@ibat.org.
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