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My parents made a savings account for me when I was first born. They said there was no restrictions once I turned 18. Somewhere between 19 and 21 (currently 27) I went to take money out and the teller said when my parents made it all those years ago, once I turned 18 it was basically like I was still a minor - deposit only. Not allowed to withdraw, ask about it, whatever. They said my parents had to go to bank themselves to take them off for me to have full access to it. Never told them when I was going (they knew I was going but never told them when) and once I got home 5 minutes later, they said the bank already called to say that I was trying to access my account when I shouldn't have been.
So I just left it alone since at the time I did not know anything about banks since I was young. But recently, someone overheard me saying this to someone and they said they worked in a bank for a good many years. According to them, they said they can already tell it was a town bank (which it was and I figured they were good because I never said it was a town bank) because town banks go under the radar for these kind of things as compared to banks all over the place like Investors, Santander, Wells Fargo, etc (those banks have all the red tape, so they try not to do anything illegal or something they not supposed to because they will get caught easily - they sometimes do so not trying to say they do not). They also said that they never heard of deposit only what I just mentioned, and thats why they think its something shady, so they said Im they want me to call the FDIC for them to investigate to see if theres anything shady going on.
So, Im just here to see if theres any truth to that. Anyone here work in a bank to clarify this? I just do not want to make an idiot of myself by calling them up, so just wondering if this is a thing. Never heard of it until now.
Um, what do your PARENTS say? You wrote that they told you the bank had called, but didn't write about anything ELSE they said?
Talking to your parents and asking them for access would seem to be the first thing to do, no? But it's so obvious I can't figure out why you didn't include that in your post?
I wonder if your parents lied to you about the savings account. I know someone whose father was sending money on a regular basis for his son's future college education (his parents were divorced). The mother claimed to be putting all the money in a separate account in the son's name. When he was getting ready to attend college he discovered that his mother had spent all the money and there never even had been a savings account for him.
Um, what do your PARENTS say? You wrote that they told you the bank had called, but didn't write about anything ELSE they said?
Talking to your parents and asking them for access would seem to be the first thing to do, no? But it's so obvious I can't figure out why you didn't include that in your post?
They just said the bank told them I tried accessing it and I'm not allowed to because of the restriction. I asked why and I just got "we do not want you to have your money as long as we live, so we going to stay on the account as long as we live." So obviously I got nowhere with them.
No, they are still alive and still have contact with them. Still live with them too (for now at least).
Then make arrangements to go to the bank with your parents to get out the money. (I'm not a banker, but it does sound odd that if your name is on the account you do not have access to the money, unless it is some type of joint account that needs everyone's signature).
They just said the bank told them I tried accessing it and I'm not allowed to because of the restriction. I asked why and I just got "we do not want you to have your money as long as we live, so we going to stay on the account as long as we live." So obviously I got nowhere with them.
I strongly suspect that there isn't any money in the account. Or there is the $100 that grandma gave you when you were born and that it all that is in there.
Quote:
Originally Posted by germaine2626
I wonder if your parents lied to you about the savings account. I know someone whose father was sending money on a regular basis for his son's future college education (his parents were divorced). The mother claimed to be putting all the money in a separate account in the son's name. When he was getting ready to attend college he discovered that his mother had spent all the money and there never even had been a savings account for him.
They just said the bank told them I tried accessing it and I'm not allowed to because of the restriction. I asked why and I just got "we do not want you to have your money as long as we live, so we going to stay on the account as long as we live." So obviously I got nowhere with them.
So they've set up this account and they misrepresented what it was for when you were a child.
I think I'd still go to the bank and ask what the restrictions are - if you're 45 and your parents still don't want you to have access to it, does that still stand?
Because if it does, sounds like you will inherit this money on their death.
Since you live with them, it seems appropriate to just ask what has changed in their thinking.
You may be on the account as 'pay on death', like a beneficiary, not as the account owner.
If you are concerned about the account, you should bite the bullet and ask them about it. Can you use it to rent an apartment, buy a house, get married, go to college? OR is it for emergencies? Do they plan to give you access to it at some point in time? Or should you forget it exists? And since they are also on the account, they may be able to defund it and close it if you threaten to try to 'get' it without their permission, so just discuss it with them.
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