Opening an Account with Minor as Primary & Parent as Secondary

SOULO · #1 Jun 30, 2008, 09:20 PM

Is it possible to open an account in my (minor) child's name and me as secondary? And would this shield me from garnishments?

Thanks

George_1950 · Jun 30, 2008, 09:47 PM

Quote:

Originally Posted by SOULO

Is it possible to open an account in my (minor) child's name and me as secondary? And would this shield me from garnishments?

Thanks

You can have a joint account with your minor child, but it will be no help if you are garnished, unless it is funded with 'exempt' income, i.e., social security, workers comp, etc. The account will not be garnished unless you provide a creditor with the name of the bank.



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