My mother gave me some Christmas money, and I decided to put 900.00 of it in the bank under a savings account and only put 700.00 of it because 200.00 had not been attainable at the time. So, my dad put his name as a benefiiary of me. I wonder if that means that we now share the same bank account and if we are allowed to take money from each other.:confused: The banker also said that I can withdraw money using the ATM card, (He said I just can't buy things at stores or use checks because I don't have a checking account)and I wonder if I use the ATM machine to withdraw money, will my dad be notified that I took some money out? :confused:

Since you are a minor, your dad is the 'custodian' of your money. No, you're not allowed to take money from each other.On a savings acct you can only make certain amount of withdrawals a year, if not you have to pay extra fees.Your dad will also know the acct activity because he'll get sent a STATEMENT with the withdrawals that you have made.

Originally posted by Unmarried*happy
Since you are a minor, your dad is the 'custodian' of your money. No, you're not allowed to take money from each other.On a savings acct you can only make certain amount of withdrawals a year, if not you have to pay extra fees.Your dad will also know the acct activity because he'll get sent a STATEMENT with the withdrawals that you have made.

Ummmm.... according to her profile she is 20. I thought you were only a minor until 18. :confused:

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Originally posted by Unmarried*happy
Well, there's something out of the ordinary going on then for her father to have his name in the acct too

If something happens to her then her dad gets the money (sounds like)

If you want to have complete access to your money and withdraw it from the bank without your parents knowing about it you should open an account under your own name. It's best though to have another name on there too like your parents or someone you can trust just for emergencies, like in case you get sick and are unable to access your money if you need it. The other person on your account can get it out for you. That other person however will not receive a statement in the mail describing your account activity. Only you will get the statement since you are the main person on the account.

your dad won't be getting the statements, you will. and he can only put money into your account, he can't withdraw. I just set up a checking and savings with my mom.