Custodial Accounts
- Manage funds on someone else's behalf
- Learn what's needed to open an account
Sometimes, someone depends on you to manage their finances.
In some situations, a court or government agency appoints someone to manage finances on behalf of another. A custodial account helps ensure those funds are handled appropriately and used as intended.
What is a custodial account?
A custodial account is used when an individual has been determined unable to manage their own finances due to age, disability or incapacity. In these cases, an individual is appointed to manage funds on their behalf.
- A guardian of the estate is appointed by the court.
- A representative payee is appointed by the Social Security Administration (SSA).
- A federal fiduciary is appointed by the Veterans Administration (VA).
Who can access the account?
A guardian has full access to manage the accounts. A representative payee or federal fiduciary has full access to manage government benefits.
A ward or beneficiary cannot access the accounts or any funds held within the accounts, including using debit cards or digital banking.
What you'll need
- Ward or beneficiary must be a member
- Guardianship: Letters of Guardianship or Certificate of Appointment
- Representative Payee / Federal Fiduciary: Notice of Award Letter
- Ward's or beneficiary's identification, such as a valid government-issued ID. Please contact us for alternative documentation options.
- Guardian's / Representative Payee's / Federal Fiduciary's / Custodian's identification, such as a valid government-issued ID
Open an account
If you need to convert an existing Purdue Federal account to a custodial account, please contact us or visit a branch.
Helpful Resources
Purdue Federal can open specialty accounts, but we are not able to assist with the creation of, establishment of, or provide legal advice regarding these account types. Please consult a qualified attorney or the appropriate legal agency for more information regarding your individual circumstances.