Banks allow you to designate someone to be a “signor” on your account. That means that this person can write checks and make withdrawals from your bank account while you are living – without the need of having a signed Power of Attorney for Property Document.
Legally, they can take your money and do whatever they want with it. As a minor child, you cannot legally own anything. Everything you own is legally the property of your parents. If you're an adult, just move out and get a bank account with your own name on it (and don't do a joint account with your parents).
Go to the bank and tell them you want them off or open a new account. The tellers knew they stole my money because of how many withdrawals were on the account. You do not need anyone's permission or to even let your parents know you're cutting them from your account.
If the child is a minor, it isn't their account. Minor children in the US (and most everywhere) do not get to have a bank account in their name alone. The account is held under the Uniform Gift to Minors law and both the child and parent(s) have access to it.
A custodial account is the property of the child, but managed by the parent until the child turns 18. With a joint account, parent and child both have access, but the adult can supervise or limit activity, say, putting a cap on the amount the child can withdraw the account by actively monitoring the activity.
Both state and federal laws prohibit unauthorized withdrawals from being taken from your bank account or charges made to your credit card without your express consent having first been obtained for that to occur. Some laws require this consent to have first been obtained expressly in writing.
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.
However, there are many accounts held on behalf of children with one of their parents as trustee. Here, providing the trustee can prove they are using the monies for the benefit of the child, they can withdraw funds from the child's account.
As the owner/co-owner of your account, your Parent can see what you do with your account including how and when you use it. This means they can see and get alerts when you buy something or use the ATM. They are also able to control how much money you spend or where you spend it.
Until your child turns 18 years old, you have legal control over all the major decisions in their life: housing, finances, school, health care and even elements of everyday life. But, at 18 years old, your child gains legal control over all of these areas – and more.
It is not illegal to use an address as your mailing address even though you are not living there. However, if you state that you are living there when you are not, either under oath or otherwise, that is a different matter. Lying about where you live can have significant legal consequences in some situations.
Generally, you cannot withdraw money from a deceased person's bank account except in specific and limited circumstances. First of all, you should notify the bank as quickly as possible after the death - using the account after the person has passed away is illegal.
Because a power of attorney may grant very broad power over your property, including your bank accounts, we recommend that you consult a legal advisor, estate planner or other tax professional to see what's right for your situation.
It's Illegal For Your Parents To Do This!
Cold mother syndrome refers to a parenting style characterized by emotional distance, dismissiveness, and rejection. This type of mothering is often accompanied by a lack of emotional availability and neglect of a child's emotional needs.
The toxic father (or the toxic mother) will tell his child things like “didn't I tell you not to do that?”, “you got in trouble because you deserved it…”, or “I work so hard to pay for your studies in a good school… “. The result? The child feels guilty and sad not to be able to please his/her father (or parent) more.
The Consumer Financial Protection Bureau (CFPB) says it is permissible for either person on the joint account to either remove funds or close the account without the permission of the other account holder, in most cases.
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.
Minors do not have direct access or control over the funds until they reach legal age. However, once the minor reaches age 18, 19, or 21 (depending on the state), the custodian can deliver the funds to the minor, and account becomes theirs and they are free to do whatever they want with the money.
Property laws state that the bank account is held in trust by the bank, but the funds are owned by the account holder. However, you still would have to prove that you had the account holder's permission with their testimony.
If the creditor keeps withdrawing funds from your bank account after you tell them that they no longer have your permission to make withdrawals, you may have the right to sue that debt collector for violation of your consumer rights.
Unauthorised payments from your account. Money should only be taken from your bank account if you authorise the payment. If you notice a payment that you didn't authorise, contact your bank or other payment service provider immediately.