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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.
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.
I know it exists because in high school I went with them to deposit money to the account. It had all 3 names on it when I saw booklet (mine and both of my parents). So I know it exists. If they spent any of it up until I saw it or even afterwards then I obviously have no clue since I'm not allowed to have access to it. Maybe it was a way for them to make me think it's for me when it really isn't.
Also, now that Im independent of them since last year in 2017 I can now see tax stuff that I wasn't able to get ahold of until now. So I obviously know it exists (then I would not get it). But its same as above - Im not sure if they ever took anything and used it for themselves up until now or even currently.
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"I don't understand. But I don't care, so it works out."
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gleaming, this is a mystery why you won't just ask your parents.
When you say you can see "tax stuff", does that mean this account is an asset that you are taxed on? Otherwise, how do you now see "tax stuff" for this account?
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.
It sounds weird because the teller said for me to have access to my account, all I have to do is get my parents to go down to bank in person to remove themselves. But they obviously do not want to do that. If it was that kinda account, wouldn't they have told me that to begin with at the bank? I obviously wouldn't have known that part at that age. That's why it was weird.
Also, I think I know how its written if it was payable on death. My mom made a CD for me when I was in high school, and when the stuff comes in the mail to renew, it just says my name as owner, and then it says POD (my parents - obviously). POD was payable on death. Unless its written different ways, but it did not say POD when I saw booklet those few times years ago when restriction was obviously in place (since it was made once I was born). It just said all 3 of our names on account.
Last edited by gleamingobscenereader; 08-21-2018 at 06:05 PM..
gleaming, this is a mystery why you won't just ask your parents.
When you say you can see "tax stuff", does that mean this account is an asset that you are taxed on? Otherwise, how do you now see "tax stuff" for this account?
Because I tried all those years ago and its obvious they do not want to tell me about it by their responses. So then I just forgot about it. But now since I'm older and actually need the money (as compared to being 18 to 21 years when it didn't really matter so I just forgot about it) and how it was supposed to be where I could have access to it once I turned 18 like everyone else but turned out restriction was put in place when I was born, I was mislead. They obviously knew from beginning they were not going to give me my money. So who knows how much of it they actually used from when I knew about it from taxes. Its a savings account, so obviously I get the tax stuff on it. But since last year in 2017 Im independent of them so now they have to give me the tax stuff that comes in from account instead of hiding all these years like they did (even though they needed it for their taxes to put me as dependent, they could have showed me but never did).
I'd go back to the bank and get some real clarifications.
1) How EXACTLY is the account titled?
2) What does that titling mean? Who EXACTLY can withdraw funds? Either party? Both party signatures required?
3) IF your name is ON the account as an "owner," how/why can you not withdraw any of the money?
4) EVEN IF you can't withdraw money....can you be given information ABOUT the account? Amount in there, etc. Deposit and withdrawal (transaction) history, etc.
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OP, are you the same person who post about this same situation a couple of years ago ....who started a similar thread. At that time living at home, domineering parents, who were on "his account" wouldn't let him access money in "his own" account. He also contacted the bank and didn't want his parents to know. In that case the bank called the parents to let them know he'd been to the bank. And the person was scared crapless of his parents and said they control everything. OP are you that person?
Apparently they don't want you to have access to the money they contributed to the account. It's not officially your money till they pass away.
Are you living 100% independent and supporting yourself or do you have special needs that require your parents help? I suspect they want this money to be there when they are not there to help you any longer.
Maybe you have not proven you are responsible enough to take care of the money.
I'd go back to the bank and get some real clarifications.
1) How EXACTLY is the account titled?
2) What does that titling mean? Who EXACTLY can withdraw funds? Either party? Both party signatures required?
3) IF your name is ON the account as an "owner," how/why can you not withdraw any of the money?
4) EVEN IF you can't withdraw money....can you be given information ABOUT the account? Amount in there, etc. Deposit and withdrawal (transaction) history, etc.
----
OP, are you the same person who post about this same situation a couple of years ago ....who started a similar thread. At that time living at home, domineering parents, who were on "his account" wouldn't let him access money in "his own" account. He also contacted the bank and didn't want his parents to know. In that case the bank called the parents to let them know he'd been to the bank. And the person was scared crapless of his parents and said they control everything. OP are you that person?
1,2,3,4, Go the bank (perhaps a branch NOT in your neighborhood as your parents may have persuaded the tellers there to lie to you) and ask to speak to a bank officer. He or she should tell you the truth about those four questions.
And, how in the world did you fill out your income tax forms if your parents refused to give you your tax information (W-2 forms, interest income, etc.) for the years from when you started working until you turned 26 years old? Or didn't you make enough income to need to file taxes? Or did your parents do your taxes and forge your signature every year?
I'd go back to the bank and get some real clarifications.
1) How EXACTLY is the account titled?
2) What does that titling mean? Who EXACTLY can withdraw funds? Either party? Both party signatures required?
3) IF your name is ON the account as an "owner," how/why can you not withdraw any of the money?
4) EVEN IF you can't withdraw money....can you be given information ABOUT the account? Amount in there, etc. Deposit and withdrawal (transaction) history, etc.
----
OP, are you the same person who post about this same situation a couple of years ago ....who started a similar thread. At that time living at home, domineering parents, who were on "his account" wouldn't let him access money in "his own" account. He also contacted the bank and didn't want his parents to know. In that case the bank called the parents to let them know he'd been to the bank. And the person was scared crapless of his parents and said they control everything. OP are you that person?
Not me - I'm not sure of details for other person since I did not see thread, but obviously not me based on what you said.
1 - I'm a she, not he.
2 - I never said anything about my parents being controlling.
3 - I never said I was scared crapless of my parents.
Apparently they don't want you to have access to the money they contributed to the account. It's not officially your money till they pass away.
Are you living 100% independent and supporting yourself or do you have special needs that require your parents help? I suspect they want this money to be there when they are not there to help you any longer.
Maybe you have not proven you are responsible enough to take care of the money.
They never contributed to the account - all the money that was in the account was mine from events I had that people gave me money for like birthdays, graduations, and other special events where they gave me money. I know a few people also gave me money every so often just because they liked their nieces and nephews and wanted to remember us. So they didn't have to put in any money themselves since it was all taken care of by that.
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