Can your parents take your money before 18?
In the US, in most (if not all) jurisdictions, your parents are allowed to take much of your money until you turn 18. If you have a job, in some states they can take all of the money, in others they can take a percentage of it, up until you turn 18. Then they would have to turn it over to you at an appropriate time.
What happens to my money if my parents’ assets are seized?
Even if your parent would never touch your money, when they’re an account holder, it’s considered one of their assets. That means if their assets are seized, it could include the money in the account. There are many situations that can result in a seizure of assets, and it’s often the result of unpaid debt.
When can I open my own bank account as a minor?
Terms may apply to offers listed on this page. A joint bank account is good when you’re a minor, but once you’re 18, it’s time to open your own.Image source: Getty Images. If you got a bank account as a minor, then it was probably a joint bank account with one of your parents as the other account holder.
What happens when a parent is on your bank account?
When a parent is on your joint bank account, they have all the same privileges that you do, which means they could access your transaction history. Depending on how private you are, this may not matter to you, or it may be your worst nightmare. Opening your own bank account is a simple process.
Can a parent withdraw money from a joint bank account?
Your parent can withdraw money from the account. On joint bank accounts, both account holders have full access to the balance. It doesn’t matter if you’re the only one depositing money, the other account holder could withdraw it all. Sadly, plenty of young adults have lost money because they had a joint account and their parents made a withdrawal.