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Hello, I am 19 and I will be moving in soon with my girlfriend. We also will be getting a puppy too. My dad has my bank account under his card. He swipes the card and puts in a code and my account along with my sisters and his shows up. First off, what is this called? I would like to remove my account from his possession because I need to buy puppy supplies, but I don't know how. My girlfriend says if I go to bank and tell them my name and situation and have ID they should give me access code. Is this true? What should I do?
He most likely has a Custodial Account for each of you, therefore he is the "controller" of the accounts as you WERE underage.
It sounds like you are trying to hide the fact that you are buying puppy supplies or else you'd just ad=sk dad for money...if that is the case, I feel for you.
ASk Dad about the account and if you can establish your own accounts now you are of age of majority. If he refuses, and it is YOUR money from gifts, earnings at jobs,etc you COULD take him to court, but do you want to do that?
Otherwise, all you need is two forms of ID and some money to open your OWN account at any bank or Credit Union you can meet the membership requirements for {usually where you live, work, go to school of any kind or where you worship}.
I would suggest you start at a Credit Union, they offer better interest rates than banks and offer better loan rates, should you ever need one. YOu WILL need to establish credit, but may have to open a secured credit card. You will need steady income of some sort to show you can pay it back. This is vital to your life! You will need an excellent credit history to: get an apartment, get a good job, get a loan to buy a car, buy a house, etc. SO start now if you have an income.
The Secured Credit card to establish credit: That means you put money-say $500- into a special savings account and the bank/CU gives you a $500 limit credit card. YOU CANNOT touch the special savings account as it is security against you not paying, and the bank/CU has it as "security". After a while like a year, you can petition the institution to release you form secured to unsecured and release your special savings account for your access. DO NOT TAKE A CARD THAT has an Annual fee if you can absolutely avoid it!
YOu will want to KEEP that first card for a long time, as part of your credit rating is based on length of time credit is held. USE IT WISELY< and PAY BACK WHAT you charged each month when the bill comes, that is called paying it off each month, that way you don't get into trouble!
Hello, I am 19 and I will be moving in soon with my girlfriend. We also will be getting a puppy too. My dad has my bank account under his card. He swipes the card and puts in a code and my account along with my sisters and his shows up. First off, what is this called? I would like to remove my account from his possession because I need to buy puppy supplies, but I don't know how. My girlfriend says if I go to bank and tell them my name and situation and have ID they should give me access code. Is this true? What should I do?
Unfortunately your question indicates that you have a lot to learn about finances. My feeling is that this is not uncommon for people your age. I think your high school educations was lacking in this area and you should start studying up on investing, budgeting, credit cards, checking accounts, 401k's etc. Start with some google search.
I suspect more is going on here, where is the money coming from, possibly the govt, or from something your father set up for you, if so, are you listed as unable to take care of yourself, if so, then your father most likely will continue to control your account, if not then bring your id to the bank and discuss it with them.
Go to the bank and ask. It might be possible that they won't let you move your account from under your dad's without his permission but if that's the case then just open your own account. Talking to the bank is your best bet.
Hello, I am 19 and I will be moving in soon with my girlfriend. We also will be getting a puppy too. My dad has my bank account under his card. He swipes the card and puts in a code and my account along with my sisters and his shows up. First off, what is this called? I would like to remove my account from his possession because I need to buy puppy supplies, but I don't know how. My girlfriend says if I go to bank and tell them my name and situation and have ID they should give me access code. Is this true? What should I do?
It is obvious from your post that you're not ready for all that yet.
Totally not what you asked, but if you and the girlfriend are going to be looking for a rental in the next 12 months, I would advise against getting a puppy, since many landlords do not allow them. If you decide to get one anyway, do it with open eyes knowing it will be harder to find a rental.
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