Opening UTMA Accounts

The Washington Uniform Transfers to Minors Act (UTMA) provides that an adult may establish an account for the benefit of a minor under the age of 25, and appoint an adult custodian to manage the account.

Documents Required

• UTMA Application

How to Provide the Documents

You have two different ways to submit your documents:

• Find a location to submit in person.
• Mail to:
  
  BECU Account Servicing M/S 1094-2
  P.O. Box 97050
  Seattle, WA 98124-9750

Application Process

The account opening process takes approximately two business days after we receive the required documents.*

Additional Information

• The Social Security number (SSN) or Taxpayer Identification number (TIN) is required for the minor and the custodian.
• There may only be one custodian per UTMA account.
• We encourage you to designate a successor custodian.
• A monthly statement is generated for the UTMA account. It is mailed in the minor's name, in care of the custodian, to the custodian's address we have on file.
• Account types available for UTMA accounts: Member Share Savings, Savings, Checking, Money Market, and Certificate of Deposit (CD).
• Account types not available for UTMA accounts: Early Saver or Member Advantage.
• The minor will not have transactional authority on the UTMA account, however they will have balance inquiry authority once they reach the age of 14.
• The custodian must transfer the funds to the minor and close the account when the minor reaches the age of majority.
• The age of majority is 21 years old if the account was established prior to July 1, 2007.
• The age of majority is 25 years old if the account was opened on or after July 1, 2007.