Ask Me Help Desk - Savings acount situation

Savings acount situation

I have a problem with my savings account. Forever ago I started a savings account with my parents and I know nothing about how the savings stuff works. I started saving so I will have an oppurtunity to go to college soon. My parents have problems and I'm afraid that in a desperate attempt for cash they may go and take out all my money I put into my savings. I'm am worried that they might actually do it. They even threatened me for no reason that they were taking it out. I know they haven't yet, but can they even do that? I thought of taking it out myself but I have no idea how to do that at all. I know the savings is under my name and I also know that I had some information on my savings but my parents have taken whatever I had on it. I don't know what to do.
Would it be possible to take out my savings on my own, do I need something in order to do that, and are my parents even allowed to take my money out?
Please help me! I don't know what to do and I am really stressing out over this situation.

To answer your question about who can withdrawal money from your account, anyone that is a signer on the account is authorized to take money out. So my guess would be that your parents would be able to take money out. You can take money out of your account and open a new account (where you are the only signer). To do this just go to your bank's branch and tell them you want to open a new account and transfer your money to it.

Hope this helps.

Quote:

Originally Posted by estefania

I have a problem with my savings account. Forever ago i started a savings account with my parents and i know nothing about how the savings stuff works. i started saving so i will have an oppurtunity to go to college soon. my parents have problems and im afraid that in a desperate attempt for cash they may go and take out all my money i put into my savings. im am worried that they might actually do it. they even threatened me for no reason that they were taking it out. i know they havent yet, but can they even do that? i thought of taking it out myself but i have no idea how to do that at all. i know the savings is under my name and i also know that i had some information on my savings but my parents have taken whatever i had on it. i dont know what to do.
Would it be possible to take out my savings on my own, do i need something in order to do that, and are my parents even allowed to take my money out?
Please help me! I dont know what to do and i am really stressing out over this situation.

That's great information, but in order to do a transfer do I need anything to do that with or can I just walk in say my name and get them to do it? I thought that there may be something I needed to bring with me to do that.

Also how old are you ? You go in and prove who you are with a drivers license or other state issued ID card.

You need the account number or passbook.

Normally you would only need a drivers license but take your social security card just in case. If you don't have these, just call the bank and ask what type of id they will accept.

: ( those are really great answers and I thought I might need something else but my problem is that I don't have my social security card, my parents have taken it and lost it and I don't have a drivers license cause no one is willing to teach me. And I don't have my account book, my parents do and I have no idea where it is. That's the whole problem that I am worried about.

You can get a duplicate card from any SSA office.

How old are you?

I'm 17 going on 18 really soon.

Its possible this account is not in your name, but in your parents in trust for you. Do you have a job? If so. How did you get a job without your SSN?

No, I know the account is in my name from something I've seen before. I have a job but I did not need my SSN cause it's a family owed business and so I was automatically hired. I think my parents have signed on the account with it under my name but they still have access to it. Other than that I do not know anything else and I know nothing to do with banks or money stuff so I don't know what to do.

Quote:

Originally Posted by estefania

i have a job but i did not need my SSN cause its a family owed business and so i was automatically hired.

Are you working off the books? If not, your paycheck may show your SSN. Also you should have gotten a W2 for last year and that will definitely have your SSN. You should have also gotten a 1009 for interest income on the savings account. That will have the account number and SSN.

No I don't do any of that stuff. My dad likes to keep it simple and just had me the money which is stupid cause I told him I want the experience that its like an actual job but he never listens. I guess I'm pretty much screwed then. I guess my only hope would be that he forgot about my savings account.