I have had a bank account since I was little and it is a shared account with my dad. After a rough semester in college, my dad is emptying my account to pay for room and board. We had an informal, verbal agreement that this would happen if I had bad grades, but since nothing was written or signed, is this legal?
2007-12-26 12:37:54 · 20 answers · asked by MZA 1 in Politics & Government ➔ Law & Ethics
I am 18. I worked for most of it, the other is from gifts. I didn't waste his money, I still earned college credit this semester, just had lower grades than he wanted. I wouldn't have a problem with it, but I am having a lot of family problems and would like to become independent - without that money, all I have is about $400 to live on. Also, I can't really do anything about it unless I want to get kicked out on the street with only $400 (he's not bluffing about that either).
2007-12-26 12:51:56 · update #1
You have to talk to the bank and get a signed statement from your dad to take his name off the account.
Your account was created before your 18th birthday, he is the trustee on the account and its his account, not yours.
Its only yours in a verbal sense but he owns the account.
But I guess it's a little late for that.
2007-12-26 12:48:14 · answer #1 · answered by Lord DeeCepticon 6 · 1⤊ 0⤋
U had a verbal agreement with ur Dad,that if ur grades in college were bad they he take ur money n pay for room n board well it seems like u lost and yes! a verbal agreement in which u agreed upon with ur Dad is legal since u did not live up to ur end of the agreement n after all it is a shared account now isn't it so u could not stop him if u wanted too now could u deal with it u did not live up to ur agreement when it came to ur grades in college now own up to it.
2007-12-26 12:49:27 · answer #2 · answered by Dark Shadows 3 · 1⤊ 0⤋
Yes, your father can take it. It is a shared account so the same is true for you. If you want a further rift with your family then go to the bank and do the same, withdraw it yourself. Ask yourself these two questions first: Is the money really important enough to you to make a difficult situation worse and are there things you can do next semester to make the most out of your college career? Look, it sucks that it is the way it is and you do not need everybody giving you hell about it. Forget about the money, forget about your friends, your girlfriend, and yes forget about your family for a minute, are YOU doing what is best for you? Is this a stumble or are you putting your best effort forward? Everyone says that you can always go back and redo things, that is BS. Sometimes you only get one shot, sometimes your first impression sticks with you, and sometimes life catches up with us and we do not get to go back and redo it. Do the best you can for you and only you. Do it for your future, do it for your today, and do it so that you can confidently say later on for anyone who says otherwise to kiss your ***. This is not a come to Jesus talk, it is a bit of advice on how not to have regrets later on.
2007-12-26 12:56:28 · answer #3 · answered by brainybusiness 2 · 0⤊ 0⤋
They are your parents. Are you really willing to jeopardize your relationship with them over something you had already agreed upon. Cut your losses and study harder. Oh yeah verbal agreements are legal and binding in most states. Trying to find a judge to go against that will difficult and probably more expensive than the money you are seeking. I hope you are not so materialistic to where you would put money before your parents. Good luck and I hope you work it out.
2007-12-26 12:51:28 · answer #4 · answered by Kevin P 4 · 0⤊ 0⤋
If you were 18 at the time of the agreement, you are bound by this contract. Contracts don't have to be in writing. The reason most are written is to provide evidence of one ever existing.
2007-12-26 13:08:38 · answer #5 · answered by Joshua N 6 · 0⤊ 0⤋
You did have an agreement and you must be an adult and live up to it. He's trying to teach you a lesson of responsibility. If your bad grades happened for not doing your work, and he's footing your college bill, then I believe he has the right. I don't know how legal it is, but think of the lesson he's trying to teach you - that you threw a whole semester away that he had to pay for! Respect him enough to work for a degree and think of others who don't have the luxury of attending college!
2007-12-26 12:47:03 · answer #6 · answered by Empress Jan 5 · 3⤊ 1⤋
As long as his name his on the account, dude you are screwed. I had an account similar to what you have and I had to get in writing my dad to sign his name off the account for me to have total control of the account.
2007-12-26 12:41:14 · answer #7 · answered by rydaldude 3 · 0⤊ 0⤋
If you don't want "your" account emptied, get a job and pay your own way through college!
Who put money in "your" account when you were little?
And, did your parents support you from birth?? I rest my case.
2007-12-26 12:49:21 · answer #8 · answered by amazin'g 7 · 1⤊ 0⤋
omg...if you are 18 get his name off of your account. i think that your parents shouldnt touch your money but if it is a joined account there is not really any proof that that money isnt the both of yours. it is legal, but you should prolly get him off of your accounts so he doesnt do anything with your money that will hurt you more in the future
dude i am really sorry that happened! hope things end up working out for you. happy holidays!
2007-12-26 12:43:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If you are both on the account, yes, he has every right to take money out of the account.
Are your grades bad?
2007-12-26 12:49:29 · answer #10 · answered by Anonymous · 0⤊ 0⤋