My Parents have stolen my savings?

Question

I set up an account that has an age limit on it for savings purposes. I set the age that i could have the money to 25, of which i am now 20. I have managed to save almost 30,000 bux, and my mother is the co-signer on the account. But lately, my parents have hidden the account statements from me, and yell at me when i ask for them. They have also been buying items that far exceed their income level. They have bought two older cars, all new furniture and even a new big screen tv. I have talked to the bank but they cannot let me access the account since it is in my mother's name, but transfered to me when i turn 25. Is there anything i can do? Should i turn to the police or seek legal advice? I live in ontario canada, any advice would be great.

Thank you in advance.

The bank has told me that my mom is the primary co-signer so she is in charge of the account, while i am another co-signer but i hold no power over it until i turn 25. They have cheated and always taken money from me. They are not honest people at are, and now that i realize this... my money is long gone,since i have had this account since i was 13, when i trusted my parents

Answer 1

I'm a "bit" confused. My son has an account of which I am the co-signer, however he can access the account. You said that your mother is "co-signer" of which that would make you the actual account holder "with her just as the co-signer. Now, if the bank says you "the accnt holder" can't access the account, then something seems fishy to me.....I would stop depositing money right NOW until you can get further information.

Answer 2

You might not have much to go on. It sounds like a custodial account, and even though your name is on it, your mother owns it until you're of age.

I'm not sure how it might differ in Canada, but I'd guess that in the eyes of the bank, and the law, the money belongs to your mother.

Answer 3

Cut your losses and don't put any more money in that account. See if you can close that account. It probably wouldn't hut to talk to an attorney.

Answer 4

My former foster mom did me the SAME thing. The bank wouldn't let me do ANYTHING to that account. Not even close it. They said since her name was over it, I couldn't do a thing. That is stealing what your mom did.

Answer 5

wow that sucks don't put any more money in your account and talk to a lawyer about this cause it's not fair u're parnets are just stealibng u're money

Answer 6

you're screwed - don't put any more money in that account - talk to a lawyer

Answer 7

Stop putting money in there and get yourself a lawyer......RIGHT AWAY. That is just wrong.............