A custodial account is set up by a parent or guardian on behalf of the minor. While the minor is the beneficiary of the funds, control of the account remains with the custodian until the child reaches a specified age, often 18 or 21, depending on state regulations.
You would have to close the account and open a new account in your name only. Hopefully, before your mom's gets the same idea and beats you to the bank in the morning.
In general, you need your spouse's consent to remove them from a joint account.
Adding a joint owner to your account is fairly easy; removing them could be a nightmare. If your child is added to your account and you later decide to want them removed, you have to get them to agree and sign to remove them as a joint account holder.
The CFPB says that under most state laws or bank rules, you usually cannot remove the joint account holder without the other person's consent. One advantage to having a joint account at the same bank as your parent is the ease with which they can transfer money from their account to yours.
You can't switch a joint account into a sole account until the second party has been removed from the account.
If you want an account in your name only, you'll need to close the account and apply for a new one. We do make exceptions if the person in question is deceased. You can reach us at anytime with questions. Checking or savings: Call 24-hour banking at 800-USBANKS (872-2657).
In order to add or remove an owner on your Bank of America account, you'll need to schedule an appointment in a financial center. When adding an owner, all account owners will need to be present at the appointment and bring a valid government-issued photo ID.
When a POA is a general POA, if there's nothing in it, giving the agent the right to change bank account beneficiaries, the agent cannot do so. Even if the agent can deposit checks in the bank, changing beneficiaries of a bank account is a special power which the POA instrument must specifically list.
In most circumstances, either person on a joint checking account can withdraw money from and close the account. Ask your bank or check the account agreement to see if this is the case for your account. State law may also provide you some protection in this situation.
It's not illegal to take money from your kids in most cases, although, of course, there are exceptions, like if the child's money is in a specific trust and you abuse the funds.
While you can add an authorized user to your Chase credit card account online, you can't remove an authorized user through your account management page. This means that if you want to take someone off your account as an authorized user, you'll have to call Chase using the number on the back of your credit card instead.
The CFPB says that under state law or terms of an account, you usually cannot remove the joint account holder without the consent of the other person. One advantage to having a joint account at the same bank as your parents is the ease with which they could transfer money from their account to yours.
You usually can't remove a parent from a joint bank account without their consent. However, you can withdraw the money from your account and open a new one in your name once you turn 18 years old.
The only way you can take a joint account holder's name off the account without permission is if your original contract with the bank specifically allows this—but most contracts don't and yours probably doesn't.
However, the POA still must adhere to the principal's fiduciary duties – they can't name themselves or someone else as a beneficiary that would run contrary to your wishes.
If your child has a Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) account on their behalf, age 18 is when those assets become officially theirs. Talk to your estate attorney or our office about how to deal with the transfer of those assets.
Guardians typically exist to make medical decisions while conservators make financial decisions for a beneficiary. Both guardians and conservators can perform transactions on the beneficiary's accounts. The beneficiary may not know any account information or perform actions on the account.
It's also possible to remove yourself from a joint bank account without closing it. All account holders need to agree to any changes in the account's ownership. You may both need to be present at a bank to request these changes.
Transfers between Joint and Individual Accounts
You can transfer money from the individual account to the joint account. You cannot transfer money from the joint account to the individual account.
While no account holder can remove another account holder from a joint account without that person's consent, few banks will stop you from withdrawing or transferring the entire balance on your own. The most common joint account holders include parents and their children, spouses, and other close family members.