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This provision establishes the legal framework and account holder eligibility requirements for minor investment accounts. By requiring guardian representation and authority attestation, the clause creates contractual conditions for account formation and defines the legal relationship between Acorns, the guardian, and the minor beneficiary.
Account applicants must confirm they are the minor's parent or legal guardian and possess the requisite authority to establish and manage the custodial account. The terms operate based on the assumption that the opening party has met these legal and relational requirements.
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"The Services include investment accounts for minors held in custodial accounts under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA). By opening an Acorns Early account, you represent that you are the parent or legal guardian of the minor and that you have the authority to act on behalf of the minor in connection with the account.— Excerpt from Acorns's Acorns Terms of Service
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This provision establishes the legal framework and account holder eligibility requirements for minor investment accounts. By requiring guardian representation and authority attestation, the clause creates contractual conditions for account formation and defines the legal relationship between Acorns, the guardian, and the minor beneficiary.
Account applicants must confirm they are the minor's parent or legal guardian and possess the requisite authority to establish and manage the custodial account. The terms operate based on the assumption that the opening party has met these legal and relational requirements.
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