Quizzes & Puzzles7 mins ago
Bank account.
27 Answers
My mum set up a building society account in my name without telling me and put �5,000 into it so that the gov couldnt touch it. She did this without me knowing. I have since had a huge fall out with my family and have been kicked out. I want to know what will happen to the account as she cant withdraw money from it without my signature. Would she be able to go in and close it on my behalf without me knowing?
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For more on marking an answer as the "Best Answer", please visit our FAQ.If the account is held in your sole name then you are the sole legal owner of the funds held in that account. (Your mum might argue that she is the beneficial owner of the funds but she would have to show that you are holding the money on trust for her.) Therefore, you are entitled to withdraw the funds. Whether it's equitable for you to do this is a matter for your conscience! I find it highly surprising that the bank did not ask for identification documentation from your mother when she opened the account (unless you are an existing customer).
You say she cant withdraw without your signature and yet you cant have given a signature if you knew nothing about it!!!???? My guess is that she opened it when you were a minor in which case the money is legally hers and she will be able to withdraw and close as and when she wishes as it will be her signature on the account.
Deso � for those lucky few who do not pay tax (like children) it is possible to apply to a bank/BS via a form called an R85 (an Inland Revenue procedure) to receive interest gross not net. So an account opened in the name of a child will almost certainly have automatically used this facility.
If anyone reading this thinks they should get their interest paid gross, find out more on the Inland Revenue website or ask your bank/BS for their in-house procedure.
If anyone reading this thinks they should get their interest paid gross, find out more on the Inland Revenue website or ask your bank/BS for their in-house procedure.
Ok let me clarify. My mum opened the bank account when the gov was trying to assess how much money they had in their names (parents). The less they were shown to have the more they could claim for some benificial resons which I wont go into. So she set this account up to effectively hide the money. The required forms were filled in by herself, and as I have two accounts with them anyway they asked her to get the forms signed by myself, which she forged the signature on. The money is now in may name, and I am the one who has to sign anything if she wishes to withdraw anything( I have to go with her in other words) All I was asking is if she has the power to close the account?
Pippa - "if there are 2 signatures required then the account can only be closed with both parties knowledge & consent."
Isn't true. Accounts can be set up so that either person has authority to do this or alternatively authorisation is required from both.
Either way, this account seems to be set up just in one person's name and, kissyfur, your Mum cannot legally close the account. Only you can do that.
It's not your money though so you'll need to sort something out. Keeping the money for yourself is morally akin to theft.
Isn't true. Accounts can be set up so that either person has authority to do this or alternatively authorisation is required from both.
Either way, this account seems to be set up just in one person's name and, kissyfur, your Mum cannot legally close the account. Only you can do that.
It's not your money though so you'll need to sort something out. Keeping the money for yourself is morally akin to theft.