Can I withdraw money from my Stash Custodial account whenever I want?
Custodial accounts allow adults to make a financial gift to a minor. The essential word here is ‘gift’. Any money deposited to the account immediately becomes the property of the minor.
Custodial (AKA UGMA and/or UTMA accounts) are often used to pay for college, but they can also be used for any expense the minor incurs. This could include anything from basic costs of living to leisure activities (like sports classes or music lessons). The custodian must be able to prove that the minor directly benefits from the use of the money.
This means you can’t just take back money deposited into a custodial account and use it for your own individual expenses.
If you are going to be using the money for the young person, contact our support team to start a withdrawal.
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