2007-07-05 02:46:53 · 12 answers · asked by The Dream 1 in Business & Finance ➔ Personal Finance
If the account is a traditional bank savings or checking account in the name of the minor, he/she can withdraw money from it at any time provided he has proper identification.
If the account is beneficiary account (where an adult is named the custodian of a minor's account, or the account is "atf" - as trustee for or "fbo" for the benefit of), or if it's a UTMA or UGMA account that has a parent's name on it, he/she cannot and the account will stipulate who the authorized transactors are.
2007-07-05 02:52:41 · answer #1 · answered by PK 5 · 0⤊ 0⤋
There are several factors to consider that youhave not mentioned. Such as, is the account set up for a specific purpose(like Education)? Is it an account that you set up? Or is it an account that someone set up for you? Were the restrictions put on the account? Maybe so you can't get to the money before you are supposed to? All these things and much more have an effect on the account. Go to the bank and ask.
2007-07-05 02:54:50 · answer #2 · answered by GRUMPY1LUVS2EAT 5 · 1⤊ 0⤋
Hahaha he is just being a dad calm down. The money you save right now can be used when times get hard your still to young to understand that you might not always have a job yet you will always have bills when you get older. What he is doing is giving you a head start at what i like to call a buffer zone i have a savings and a checking and one savings which i don't touch i just put about 100 bucks in every two weeks just in case something happens if i don't have a job or a place to stay i have the money i have saved for 8 years now. A girl did the same thing that your dad is trying to do for you and she bought a house right out of college. Not put the money down on a house she owns it outright. If it was my dad i would ask his point of view on money spending and come up with a plan so you hold on to your money it will bring you both closer and maybe just maybe you will understand why he is doing what he is doing.
2016-05-18 22:15:39 · answer #3 · answered by ? 3 · 0⤊ 0⤋
There shouldn't be a problem unless they put a trustee on it. My nephew was able to buy CDs and move his money around fine when he was young. There were trustees on the account when he was a toddler but then he was given free rein until he was about 13 when they were afraid he would do something stupid.
2007-07-05 02:52:22 · answer #4 · answered by shipwreck 7 · 0⤊ 1⤋
I had one when I was 13 and I did.
2007-07-05 02:50:09 · answer #5 · answered by riannedevney 2 · 0⤊ 0⤋
Yeah. It's HIS bank account.
2007-07-05 02:49:51 · answer #6 · answered by pimpinrida05 2 · 0⤊ 0⤋
no, you can lock the account until whatever age they get that you want them to use it. my parents locked mine till im 18 and im 16 so i cant touch the money yet.
2007-07-05 02:51:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
of course you can it's your bank account, unless someone puts a trustee on it, then ya can't
2007-07-05 02:59:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, unless the account is set up to block such a transaction.
2007-07-05 02:51:02 · answer #9 · answered by fangtaiyang 7 · 1⤊ 2⤋
Yes, as long as it's not a joint account. If so, they have to have a parent also.
2007-07-05 02:55:05 · answer #10 · answered by Anonymous · 0⤊ 1⤋