philivey
member
Reged: 11/10/09
Posts: 126
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How is it decided whose name the child's bank accounts are under? How did your family do it. Some advice please.
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Annie7676
old hand
Reged: 06/05/05
Posts: 862
Loc: NY
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Depends on their age I would think. And how much money the account will have. In about 4th grade, my family set up an account for me and monies I recieved from gifts, etc went into it. I believe a parents name was on it but when I turned about 13 it was turned over to me and I controlled it as much as a 13 was allowed. I believe I even had a checking account. I guess it all depends on what the banking rules are for minors having an account, how much money and how the young person approaches money handling.
The reason I say this is that a friend of mine got an account with about $5000 in it, and spent the money in less than 3 months, all gone on nothing.
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finz
Carpal \'Tunnel
Reged: 06/17/08
Posts: 6481
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Whichever parent, or relative, wants to do the work of cashing the checks and making the account......
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garnet
journeyman
Reged: 01/02/08
Posts: 51
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If you and ex can't agree on who should handle it, then just set up separate accounts on which you can each be a trustee. That is what ex and I have. Except, he tried to get access to the money that was deposited for dd prior to our separation - which is in dd's name with me as trustee. He was denied, so I continue to be the sole trustee on that account. He is fiscally irresponsible, but I can't control what he does with the money gifts that he receives from his family for dd. I can only do my best to conserve what is in the account that I have for her.
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SRS
Pooh-Bah
Reged: 11/05/10
Posts: 2161
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This guy is not on the up and up. Perhaps some type of student or something. Read his other posts.
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