§ 1400 Minor Bank Account Ownership

• •Bank accounts in a minor's name belong only to the minor.
• •The minor can receive the money any way they choose.
• •When the minor is paid, the bank is fully released from any further responsibility for that deposit.

A parent opens a savings account for their 16‑year‑old child. When the teen withdraws the money, the bank has done everything right and can't be sued over that money.

Because the account is for the child's exclusive benefit, paying the child is a complete release for the bank.