67-1

67-1

August 10, 1967

Dear Mr. ________:

This will acknowledge your letter of August 8th in which you ask for information as to the rights of parents with respect to savings account of a minor. Section 850 of the California Banking Law reads as follows:

“A bank account by or in the name of a minor shall be held for the exclusive right and benefit of such minor and shall be paid to such minor or to his order and payment so made is a valid release and discharge to the bank for such deposit or any part thereof.”

In view of the statue the savings account of a minor is his separate property and the bank would be justified in refusing information to parents who did not sign on the account. We suggest that if you wish information concerning a minor’s account that you obtain permission from the minor for the bank to disclose this information to you.

Yours very truly,

JAMES M. HALL
Superintendent of Banks

By

JAMES AHLF
Chief Deputy Superintendent of Banks

JA:eco

cc: Ahlf