Is my mom legally allowed to withhold my money? If so, is it possible to create a new bank account and still keep my savings?
So my mom and I share a savings account at BB&T. I'm not completely sure about the semantics of it, but I do know that it's a savings account in my name even though I have no power over it and I can't withdraw anything if she's not there. I started the account in the sixth grade and I've saved up about 1300 dollars since then. Keep in mind, this is all my money and she hasn't contributed a penny to it (not that I expect her to, but just to clarify). I do have control over my checking account which is linked to my debit card, although she can still see how much I spend and what I spend it on. I just turned 18 a couple of weeks ago and since Christmas is coming up I need to transfer about $200 from my savings into my checking (ironically to buy gifts for my parents), but my mom won't let me, saying I need to get a job first. I'm currently a college student on winter break and there aren't any temp jobs available in the area for just the two weeks I'll be here until next semester, but I have been tutoring online just to make a couple of bucks here and there (she doesn't understand this though). I understand not having any power over my account when I was a minor, but now that I'm legally an adult, is she allowed to withhold it from me? If she is, is there any way I can get my own account, completely separate from her influence?
I figured out it is an UTMA account, and I live in Virginia, where the legal age of adulthood is 18.
- NALv 71 year agoFavorite Answer
Buried in the depths of your post, you state you are 18. If this is the age of majority in your state, take your ID, go to the bank and ask how to either change the title on the current savings account (if it's worded as mom's name AS CUSTODIAN to your name) or how to open a new savings account.
- MaxiLv 71 year ago
If it is a joint account, which it is then your either person can deposit or withdraw money from it.
You can open a new account in your name only and save in there then no one but you can withdraw money
- EvaLv 71 year ago
Once you are 18 you can have your own bank account without her on it. It depends on how your other account is registered what you can do with it. Go to the bank and sit down with someone there to get this straightened out. Don't take your mother with you.
- babyboomer1001Lv 71 year ago
1, Minors own nothing. Everything in that account was enabled by your parents. 2. If 18 is the legal age where you live, you can move out of your parents home and keep what you earn. Otherwise, your parents have a right to ask for rent from you to - contribute to your care. 3. Tell her that you wanted to buy Christmas presents - and ask for $200, if it isn't too late.Source(s): Certified Paralegal with 25+ years' experience.
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- JudyLv 71 year ago
Talk to someone at the bank, Now that you're 18, you should be able to control it
- ntLv 61 year ago
Misty, dear, I feel your pain. Please google your solution. erik and lyle menendez.