Chesterfield Federal Credit Union is proud to offer parents and grandparents an option to begin savings for their children and grandchildren. A VUTMA (Virginia Uniform Transfer to Minors Act) account allow you to save money in the child's name while maintaining control over the funds until the child turns 18 or 21.
With a custodial account, also known as a VUTMA account, the parent (or grandparent) creates a custodial account on behalf of the minor child. Assets are transferred into the account and the custodian, usually a parent, manages the account until the child reaches legal age. At that point, the parent releases the funds to the child and he or she can do whatever they wish with the assets.
A VUTMA account is one of our most popular accounts for parents, and for good reason.