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.
2007-09-13 12:34:02 · 9 answers · asked by mike m 1 in Business & Finance ➔ Personal Finance
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
2007-09-13 12:35:03 · update #1
Unfortunately, your money is probably gone. (I think you already know that.) And according to the laws/rules governing your account there's not much that can be done. She's primary, and you're not. My only advise to you now, is to open your own savings account, in your name only. Don't put any more money in the account with your Mom's name. It sucks to have to start over, but that about all you can do. She knows she's stealing - it will be an interesting conversation you have with her on your 25th birthday!!!
2007-09-13 12:47:04 · answer #1 · answered by Angie 6 · 0⤊ 0⤋
Get your mother's SSN and maiden name and set up an online account with your bank. Then keep track that way. If the money is still there then you have nothing to worry about. If not, I would confront them on it and call a lawyer. Since you are still putting money in the account, keep a record of every transaction you make from here on out! Also, try to find other bank transactions that you made in the past.
If your parents were borrowing the money, then I would give them the benefit of the doubt and wait to see if they are going to add more money into the account or take it out. If they start taking it out then call an attorney. Try to go another route first though, because the lawyer will steal more money than your parents.
If you still live with your parents then I would intercept the mail, especially if you have a mailbox at your house.
I absolutely feel for you. But it's awesome that you have been saving since you were 13! I got my first job when I was 12 and went to Walmart and blew all the money every weekend. You should be proud of yourself that you have saved up that amount of money. I hope it's still there, it would be a shame for someone so responsible to lose their money to the people they trusted the most.
2007-09-13 12:48:57 · answer #2 · answered by Peanutbuttercup 2 · 0⤊ 0⤋
I know the laws in Canada are VERY liberal and that you should be able to peak at you account information somehow. Maybe a fib to the bank that you haven't gotten your last 2 statements and would like to get copies, or start Internet banking. Or just come out and accuse them of complicity in embezzlement.
2007-09-13 12:43:08 · answer #3 · answered by onparadisebeach 5 · 0⤊ 0⤋
You should seek legal advice. The police wont be able to help you. And probably not much can be done legally since a contract was signed unless it stated that your parents could not touch the money for personal use.
2007-09-13 12:57:14 · answer #4 · answered by kewlbeansjr 1 · 0⤊ 0⤋
I would definitely set up a Free Consultation with an Attorney. Copy & Paste what you just wrote on this site and let them read it. Don't feel bad for seeking legal help because they didn't respect you or your $ to do this.
2007-09-13 13:03:42 · answer #5 · answered by Diane P 3 · 0⤊ 0⤋
Yea I think you should look at getting a lawyer and have them check into it if your not able to get access to the account, which sounds suspicious since you are on the account you should have access to it.
2007-09-13 12:44:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The following in illegal in the U.S., but might not be in Canada (it probably is illegal there too, but I do not know):
If Canada's law allow:
Invite them to visit you on the day when the statement is going to be delivered. Arrange ahead of time to have a friend take the statement from their mailbox (before they get home from your place) and give it to you.
2007-09-13 12:53:14 · answer #7 · answered by StephenWeinstein 7 · 0⤊ 0⤋
banks are very tricky if you can get proof I'm sure it can be investigated
2007-09-13 12:43:02 · answer #8 · answered by pixze stix 2 · 0⤊ 0⤋
i would go tralk to a lawyer right away
2007-09-13 12:42:46 · answer #9 · answered by Anonymous · 0⤊ 0⤋