I have a bank account but because im under 18 my mom is a co-signer!?

Question

So one day I ask her if she can go with me and sign so I can withdrawl some money for myself and she absolutely refuses to let me!
She wont tell me why and then I finaaly get it out of her that she took over $400 out and she payed bills with my money!

She also is alwayws borrowing ten bucks here, twenty bucks there for the past few months and i havent seen any of it back!

Help!!!

What should I do???

I love her and she is a wonderful mom, but that money was made by hard work and now i just hoard my money and never tell her how much I have!!!

Answer 1

You can put it down on the account that she is just a cosigner but has no other rights to the account. That way she won't be able to withdraw money. The bad thing is now that she is on your account you will never be able to remove her name. She has to come in and remove her own name from your account. It sucks, but those are the rules. You shouldn't have to have her there to take out money. The only reason she has to be on your account is because you are considered a risk because of your age and they need an adult just in case you go into the negative and abuse your account.

Answer 2

That was rude of her not to tell you, but she could of had hard times and needed the money. Im sure you would of wanted her to use the money, to buy food, and keep the electric and gas on, instead of starving and having to light and heat. Talk to your mom see if you can do a payment plan for her to pay you back. Say like $20 here $50 there. In the end she will pay it back, but if shes having a hard time with the bills it might take her a little bit. Dont hate her over it. And then when your 18 make sure she puts the account in your name. Also you think $400 is a ton of money, once you turn 18 and get a full time job you will be making that in less then 2 weeks.

Answer 3

Well she's on the account, so going to the bank or something isn't going to work. She has as much right to that money as you do. She is not stealing. Also she is you're mother, and as long as you live under her roof she also has right to any money you make. Trust me she's spending alot more on you then you think.

That being said, while she has the right to do that, I don't think she should. If you really love your mother and understand she needs help to pay the bills, then you should give her the money, but she shouldn't take it behind your back.

There might also another problem. Is she not making enough to pay the bills or is the money going to something that it shouldn't. If she's short on cash and needs money to pay the bills thats one thing. But if she's taking money and then running out and getting her nails done then thats another.

You need to sit down and talk to her. Let her know how you feel. Don't yell or get mad, just say your confused and want to know whats going on. Offer to give her some money every week (if you feel the money is being used wisely). The last thing you want is for your relationship to fall apart. These kind of actions can break down trust and lead to a complete breakdown between you. That should be your real concern. Money comes and goes, but you'll be sorry cuz if you and your mom have a falling out, you never know how long it will last.



BTW: to the person who is a credit union member. Credit unions and banks are not the same thing. Credit Unions are like banks how have a club like member ship. You normaly have to "know someone" or work somewhere to get an account there. interest is normally higher and its often alot easy to get loans then a bank. Your mother probably was the person who got you the account, which is why the credit union acted so strangly when you tries to remove her from your account.

When I joined my credit union, i need my dad on my account, even though i was over 18! he had an acount and for me to get one, i needed a current member's name on my account. After a couple years i was able to remove him after I was considered a member.

Answer 4

I had much the same situation that you are currently encountering, unfortunately there is nothing you can really do about it until you are 18. And get this... at my Credit Union because my mother was on the account I had to have her "allow" me to add my husband to my account (after we were married) and give her permission for HER to be taken off the account, crazy huh? I would be "creative" with where you "save" your money..... find good hiding place in your room and don't let anyone know about it. Aside from the fact that it's not cool that your mom took money out of your account with out AT LEAST letting you know about it... she was probably embarrassed about not having enough money to pay all the bills, but that still is no excuse for not telling you about taking the money. My daughter has a bank account in her name (and ours) but I would NEVER even consider touching her money unless it was like some life or death emergency, not paying the light bill. She's only 3 and she would never know the difference, but that money is for her future and it's my job as a parent to provide for her... not the other way around. I would suggest sitting down and have a calm discussion with you Mom about it, maybe she can explain why she needed to do what she did, and maybe she will offer to pay you back... maybe set up a repayment plan.

Answer 5

You should talk to the bank and let them know what is going on. Ask them if there is a way you can get your own account or if you can switch your co-signer. Maybe you should even talk to other banks in your area that might let you have your own account. I would definitely get my mother off of my account. I am co-signer on my daughter's account but she is only 3. I'm sure the bank will have some issues with her taking money out of your account without your permission. And if they don't have issues..it's time to switch banks that requires your signature on every withdrawl. Good luck to you...and I hope everything works out for you. :)

Answer 6

how old are u? if 18 or almost 18 then tell the banker what is going on and ask to close the acount and withdraw all the money out of it.. and when you do turn 18 start your own that way only you can put in and take out.. and have a talk with your mom and tell her what you just told us.. you worked for it not her.. you may also want to tell her to give you back the 400 .. thats a lot of money to loose out on

Answer 7

I also started an account for my daughter in both our names, when she got her first job at 14. I have never and would never take from her account. That is just plain rude!!!!
Unless your mom takes you and makes you deposit your money each time you get it, I would quit putting money in that account, until you can get her name off of it.
If she is taking you to the bank and making you deposit money I don't know what you could do about that.
Maybe just let her know how it makes you feel, and ask her how she would like it if you took money from her purse just whenever.
You might be able to start a savings account in just your name.
Good luck,
A Mom on your side!!!

Answer 8

HI, YOUR MOM SHOULD HAVE NEVER TAKEN YOUR MONEY. I WOULD ASK HER TO SHOW YOU THE BILLS THAT SHE PAID FOR WITH YOUR MONEY. DOES YOUR MOM WORK. MAYBE THAT'S WHY SHE NEED 20 HERE AND 10 HERE. WHAT YOU NEED TO DO IS TAKE YOUR MONEY AND HIDE IT. THAT WAY SHE WONT KNOW WHERE THE MONEY AT. WHEN YOU DO THIS AND SHE ASK WHERE IS YOUR MONEY AT. I THINK YOU NEED TO TELL HER IN A VERY NICE WAY.

Answer 9

Now you know how she feels when it comes to school clothing time or Christmas etc.
Maybe she is having financial trouble, don't give her a hard time, but be there for her.
I am not condoning her behavior, but there may be reasons for her borrowing that she doesn't want to scare or bother you with.
Good Luck

Answer 10

Unfortunately as a co-signer she is legally allowed to do so. I would ask her to start paying you back, and open another account by yourself.