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To take money out of a Uniform Gifts to Minors Act (UGMA) account, the custodian of the account must initiate the withdrawal, as minors cannot manage the account themselves. The funds can be used for the benefit of the minor, such as education or other expenses. Once the minor reaches the age of majority, they gain full control of the account and can withdraw the funds as they choose. It's important to check specific state laws, as they can vary regarding the age of majority and withdrawal processes.
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What does the levy means?
The IRS can put a levy on your bank accounts if you owe them money and have not paid them. It means they can take your money, whether you want them to or not.
What do banks do with some of the profits they make by loaning out the money in their customers savings accounts?
They invest the money in high interest money markets and various other accounts. They don't loan out their customer's savings accounts, they loan out the money they make off these accounts.
What age do you have to be to draw money from your savings account?
18 Depending on your state, if the account is a UTMA/UGMA (Uniform Transfers to Minor/Uniform Gifts to Minor), the minor may not be able to withdraw money until s/he reaches 21.
What are some types of money market accounts offered by Capital One?
Some different types of money market accounts offered by Capital One include Basic Savings Accounts, High-Yield Savings Accounts and Money Market Deposit Accounts. The best interest rates are available on the highest tier accounts.
Where can money market savings accounts be found?
Money market savings accounts can be found on online investment sites. Money Market accounts are a type of investment with certain benefits over a savings account.
Georgia legal age to take control of ugma?
In Georgia the age of majority is 18, however the age of termination of a UGMA or UTMA is 21.
Is it legal for a bank to take money out of your other accounts if it's a joint account is in the negative?
no
What does the levy means?
The IRS can put a levy on your bank accounts if you owe them money and have not paid them. It means they can take your money, whether you want them to or not.
Is there a penalty to close ugma account?
Generally, no there is no penalty to close a UGMA account. However, there may be a surrender fee or an exit fee if removed in a certain time frame.
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
What do banks do with some of the profits they make by loaning out the money in their customers savings accounts?
They invest the money in high interest money markets and various other accounts. They don't loan out their customer's savings accounts, they loan out the money they make off these accounts.
What do banks do with some of the profits they make by loaning out the money in their customer saving accounts?
They invest the money in high interest money markets and various other accounts. They don't loan out their customer's savings accounts, they loan out the money they make off these accounts.
What the Tagalog of suited?
Tagalog translation of SUITED: ugma; hiyang
If you do not have money to pay when sued will you go to jail?
no they will take the money from accounts, collage funds, or reposses your things 1 by 1 until your debt is payed
What is the meaning of the word accounts recievable?
accounts in which money is owed.
What age do you have to be to draw money from your savings account?
18 Depending on your state, if the account is a UTMA/UGMA (Uniform Transfers to Minor/Uniform Gifts to Minor), the minor may not be able to withdraw money until s/he reaches 21.
What are some types of money market accounts offered by Capital One?
Some different types of money market accounts offered by Capital One include Basic Savings Accounts, High-Yield Savings Accounts and Money Market Deposit Accounts. The best interest rates are available on the highest tier accounts.
