N.J. Admin. Code § 13:90A-2.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:90A-2.3 - Individual savings accounts

(a) Juveniles may establish individual savings accounts in amounts of no less than $ 1,000 in commercial banks or savings institutions only when all financial obligations as permitted by Federal or State statutes and financial obligations to the Commission are satisfied, and upon approval of the Superintendent. These accounts may take the form of:

1. Passbook savings account;

2. Savings bonds; or

3. Certificates of deposit.

(b) Subject to approval of the Superintendent or designee, juveniles may be permitted to retain passbooks, account statements and deposit slips.

(c) Bonds and certificates of deposit must be held for safekeeping by the business manager.

(d) Juveniles shall not be permitted to possess withdrawal slips.

(e) Withdrawals may be permitted upon written approval of the Superintendent.

(f) All deposits and withdrawals shall be processed by the business manager or designee.

N.J. Admin. Code § 13:90A-2.3