Uniform Gift to Minors Act Account (UGMA) | Definition

/ˈyo͞onəˌfôrm gift to͞o ˈmīnərs ak(t) əˈkount/

an account | expense | economy | pension | bitcoin | 401(k) | lender | wealth | return | grant | asset | check | fafsa | will | wage | fdic | bank | loan | bond | fund | spac | debt | atm | apr | definitionsset up for children, where assets can be gifted to the minor, to which they will have access once they become the legal adult age in their respective states.

Next word Net Worth | Definition ᐳ

Did You Know

The money put into the UGMA account can be used to purchase different types of financial commodities, which can help the money grow through compound interest. The exponential growth of the invested money can help the child fulfill their educational or career goals.

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1. For Money Account holders with a negative balance, the CapWay debit card will go into freeze until funds are deposited to bring account back to current. See terms and conditions

2. Sending or receiving money from other CapWay account holders will be instant. Transfers from other accounts could take up to 48 hours, depending on the financial institution.

3. Early access to funds requires direct deposit. Early payment is not guaranteed and is dependent on the timing of payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.

4. Money Goals allows account holders to save money towards financial goals created within the CapWay platform. Funds can be transferred from your Money Account or saved through the rounding up of your transactions from purchases.

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