Depositing funds for a custodial account.
Summary of User’s Inquiry and Solutions Provided:
- The main problem reported by the user is whether they can link their own bank account to their custodial account for funding purposes, given that their bank account is under their guardian’s name until they turn 18.
- The solution provided states that custodial accounts are controlled by the adult for the benefit of the minor, and that direct contributions can only be made through the custodian, meaning the minor cannot link their own bank account.
- If the custodians have further questions, they are encouraged to contact Fidelity directly for assistance.
Here’s the full thread
I have a question on funding my custodial account under my parents name, is it possible to link my own bank account towards the custodial account for a wire transfer or would it not be possible since my bank account is under my guardians name until I’m 18, and also how would I send money with pay pal?
Good morning, @User#0541!
Typically, custodial accounts are fully controlled by the adult for the benefit of the minor. Direct contributions using linked bank instructions can only be done through the custodian; therefore, a minor cannot add their own bank to the account.
If the custodians of the account have any additional questions, please have them reach out to us directly.
Fidelity Contact Information: https://www.fidelity.com/customer-service/contact-us
ah I see, thank you
Of course, glad we could help. Thanks for reaching out!