Withdrawing all money from an inactive savings account?

Question

I received a notice in the mail today from the bank, telling me that I will be charged a $5 per month inactive fee on a savings account I haven't used since I was 11. My questions are, since it was a joint account (because I was a minor when it was opened), will I need the other person's consent and/or signature to withdraw the money from it?

Also, if I withdraw all of the money from it, will that close said account?

Answer 1

If it was titled a "joint account" then no you don't have to have the other person.

If it was title as "custodial" then yes you have to bring the other person with you because you can't withdraw money only the custodian (the person that openned it for you)

If that person happens to be deceased (hopefully not) bring a death certificate

The account WILL not close by making it a zero balance. You have to request to have it CLOSED.

FYI Most accounts cannot be closed the same day you make a withdraw because that transaction will still be pending. They'll have to either close it next day or their system will close it for you automatically next day. Make sure you ask which way that bank will do it, otherwise you will continue to get charged and be liable for those charges

Answer 2

If it was a joint account and not a custodial account then you should not have any problems withdrawing the money since you were a part of the "joint". After withdrawing the money I would confirm with them that you are closing the account so they don't leave it open and try to charge you some sort of service fee on the account.

Answer 3

As long as YOU are a joint owner of the account, you can withdraw funds without the other party's consent. Withdrawing all the money WILL NOT close the account. You have to specifically request the account be closed. If the account was opened as a 'minor account' in your name, you become the SOLE owner when you turn 18. If it was opened as a joint account, the parent named as a joint owner may need to authorize closing the account.

Answer 4

It all depends...since you're not 18 I'm guessing that is a custodial account which would mean that, no, you cannot legally withdraw from that account. If you were given an atm card with a pin then yes. And if your lucky the teller may not know what they're doing and just give you the money anyway. lol I'd go with having your mom get the money for you.