I am 18 years old and I am the beneficiary of an UTMA account, with my mother as the custodian. The account is with an investment company separate from my bank. In order to use the funds from the account (to pay for college expenses etc.) the investment company sent us a check in the mail for the amount requested. The check's payee section was formatted as this:
Mother's name CUST
My name UTMA-IL
When we attempted to deposit the check, the bank said we could only deposit this sort of a check into another UTMA account (because it said UTMA in the payee section). This would mean that I would have to open yet another UTMA account with my bank (instead of using the one we currently have with the investment company). Not only does this seem redundant, but it is impossible. Since I am no longer a minor, my mother is unable to open an UTMA account with myself as the beneficiary.
After calling the investment company, they said that they cannot write out the check any other way than the way they already did (meaning they can't simply write it out to me or my mother).
Does anyone know how I'm supposed to actually make use of the funds in my UTMA account then?
Thanks in advance.