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Discussion Starter · #1 ·
Ok so I had a savings account that belonged to me (in my name), but my fathers name was listed as well for supervision of withdrawls because I am a minor. Long story short, my parents had a nasty divorce. I will soon be 16 and am about to but a car.. I ask my father for my $750 for my car and he says he spent it all when I in no way gave him permission to do so. He blames it on my mother and me bea=cause my mom got his oension money from the divorce (WHICH IS THE LAW) and I dont know what to do know because he said he doesn't have the money to replace it, but he's going on an expensive vacation in a few weeks.... please help I dont know what to do
 

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Discussion Starter · #2 ·
Ok so I had a savings account that belonged to me (in my name), but my fathers name was listed as well for supervision of withdrawls because I am a minor. Long story short, my parents had a nasty divorce. I will soon be 16 and am about to buy a car.. I ask my father for my $750 for my car and he says he spent it all when I in no way gave him permission to do so. He blames it on my mother and me because my mom got his pension money from the divorce (WHICH IS THE LAW) and I dont know what to do now because he said he doesn't have the money to replace it, but he's going on an expensive vacation in a few weeks.... please help I dont know what to do
**********corrections... sorry
 

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Wow...that sucks...big time. I can't think of any recourse other than appealing to your mother for help in either legally compellingly your father to pay you back or if she'd give you money out of the divorce settlement. Not sure what your custody arrangement would mean to the court and how they might react to this kind of action from your father.

Either way, you are in a tough spot and I'm sorry.
 

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Wow...that sucks...big time. I can't think of any recourse other than appealing to your mother for help in either legally compellingly your father to pay you back or if she'd give you money out of the divorce settlement. Not sure what your custody arrangement would mean to the court and how they might react to this kind of action from your father.

Either way, you are in a tough spot and I'm sorry.
Thanks so much anyway.. i actaully really appreciate it, and he's a police officer too... a real model citizen huh?
 

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I think you're talking about a custodial savings account? Sorry to say, I don't think there is anything you can do (in a legal sense). My understanding is that the custodian has precedence over the minor child, even though the account is in the minor child's name. Anyone can contribute to the account, but the custodian controls what the minor child can withdrawal from the account and he/she can withdraw everything from the account even if it is not used by the minor child.

Read through the terms and conditions associated with the account and ask the branch managers at your bank account for more information about how your specific account works. I know it hurts because it's your dad and parents are supposed to work in your best interests, but take it as a life lesson never to get a joint account that does not explicitly have rules allowing you to block transactions that are not signed off by both parties. Most joint accounts allow one party to withdraw any amount, even if the other party is not there to cosign for it. I've learned from experience that joint accounts can be a nasty business.
 

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Discussion Starter · #6 ·
I think you're talking about a custodial savings account? Sorry to say, I don't think there is anything you can do (in a legal sense). My understanding is that the custodian has precedence over the minor child, even though the account is in the minor child's name. Anyone can contribute to the account, but the custodian controls what the minor child can withdrawal from the account and he/she can withdraw everything from the account even if it is not used by the minor child.

Read through the terms and conditions associated with the account and ask the branch managers at your bank account for more information about how your specific account works. I know it hurts because it's your dad and parents are supposed to work in your best interests, but take it as a life lesson never to get a joint account that does not explicitly have rules allowing you to block transactions that are not signed off by both parties. Most joint accounts allow one party to withdraw any amount, even if the other party is not there to cosign for it. I've learned from experience that joint accounts can be a nasty business.
yeah, my parents started this account when I was really young and when their marriage was stong.. was talking to my mother about it earlier and she admittited it wasnt a great idea. there goes $750 worth of birthday and christmas presents.. But thanks so much for the help and advice, means a lot
 

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yeah, my parents started this account when I was really young and when their marriage was stong.. was talking to my mother about it earlier and she admittited it wasnt a great idea. there goes $750 worth of birthday and christmas presents.. But thanks so much for the help and advice, means a lot
You might have some legal recourse depending on the language of the terms and conditions of your account. Definitely talk to your bank. I'm mostly familiar with how joint accounts work, but if there is some language in your terms and conditions about a custodian using the funds for "best interests of the minor child" then you might be able to get the money back through small claims court. I'm pretty sure that most of those types of accounts automatically roll over to just your name when you are 18-21 so the money was supposed to be fully yours at that age.
 

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Consider it a gift to your dad and forget about it , it's gone . Lesson learned trust no one when it comes to money .
 

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Really sorry to hear about it :/ I understaind it ain't fun and even if your dad didn't do anything wrong in terms of the law, I still think it's a really ****ty thing to do. My dad screwed me over too. I lost around $3000.
 

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there is nothing you can do, except learn from it. The thing is that being a parent doesn't make anyone nice/fair/responsible. That is illusion. Face it, that's how he is and don't trust him with that. What he didn't sure ain't nice
 
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