A FLUTMA Account is a custodial account in which a custodian manages the funds of an account for the benefit of a minor. The minor is the sole owner of the account, but has no authority to transact on the account until he or she attains the age of 25. State law limits all FLUTMA accounts to one minor beneficiary and one custodian. No joint members are permitted on FLUTMA accounts; however, custodians are strongly encouraged to designate a successor custodian.
Savings accounts and certificate accounts may be set up as FLUTMA accounts, and the funds are accessible through Magic*Touch, Internet Banking, direct deposit and ATM cards, under the same restrictions as non-FLUTMA accounts.
To get started, talk to a VyStar Representative to open either of these types of accounts and learn the answers to any questions you may have. Call (904) 777-6000, 1 (800) 445-6289 or stop by any VyStar branch.