Hypothetical Q: for a mistaken withdrawal from UTMA

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  • #61115
    47percent
    Participant

    Hopefully, it will never happen. But, if I realize that I overdrew more than the correct amount from a UTMA account, or I realize an amount was mistakenly withdrawn from UTMA, what is the immediate corrective action that I can take?

    If I just redeposit the money, exact to the penny, with a note on the check within a certain period take care of the issue — like it never happened?

    That’s been one of the questions bugging me.

    Thanks.

    #61149
    Kaye Thomas
    Moderator

    Yes, just return the money to the account, and keep a record of what happened. In the unlikely event the account was deprived of any substantial earnings as a result of this money not being there, a fully proper response would be to restore that amount as well, although this may not be a requirement.

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