6.2-896 - (Effective October 1, 2010) Deposits of minors. - Virginia Statutes

§ 6.2-896. (Effective October 1, 2010) Deposits of minors.

A bank may establish a deposit account for a minor as the sole and absoluteowner of such account. The bank may receive deposits by or for such minor,honor any withdrawal request of the minor, and act in any other manner withrespect to such account on the minor's order. Any payment or delivery offunds from such account to the minor, or the payment of a check or otherwritten order for withdrawal of funds signed by such minor owner, shall be avalid and sufficient release and discharge of such bank for any payment ordelivery so made. The parent or guardian of such minor shall not in hiscapacity as parent or guardian have the power to withdraw or transfer fundsin any such account unless the minor has given written notice to the bank toaccept the signature of such parent or guardian.

(Code 1950, § 6-56; 1966, c. 584, § 6.1-74; 2009, c. 197; 2010, c. 794.)