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Werewolfdad t1_jad26os wrote

>But in the long run is it a good idea to do that?

Yes, you've been an adult for eight years.

If you want to give them money write them a check

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yargleisheretobargle t1_jaddwdl wrote

It can be convenient to still have a joint account with your parents, but it should be separate from your primary bank account, and at a different bank.

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pmgoldenretrievers t1_jadag05 wrote

Eh, I'm in my mid 30s and one or both of my parents is still on my account. But I doubt they've looked at it since I turned 18 and I trust them anyway.

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annomandaris t1_jadbyzt wrote

And if your parent get hacked? and so they get you to?

Theres not really any "good" reason to share your main account like this. Keep it as a secondary account that's fine, but most of your finances shouldn't be accessible by other parties even if you trust them.

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pmgoldenretrievers t1_jadc8p4 wrote

It's not like it's tied to their account, they were just cosigners or whatever when I opened it when I was 13.

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MickFlaherty t1_jadkd2z wrote

And they still would have 100% access and rights to the entire balance anytime they want without your approval.

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mooncritter_returns t1_jadkve0 wrote

Ooh, I have a reason! I had a savings account started before I was 18, so both my parents’ names are also on it. Since it’s a CD, when I tried to get their names off it, with their consent, they said I’d have to wait until the period was over; so I didn’t close the account. Then, bc my dad’s owned business was/is being sued, the opposing lawyer froze my account as being part of my dad’s personal assets. Even though he only touched it once, almost 10 yrs ago when I “loaned” them money to close on their house.

At the time I was living off savings having quit my job due to mental health and burnout issues. Had to jump back in too fast and still ended up in the negative for a week between paychecks. I basically consider that money gone now. Not as much as others have or have lost, but still, it was my safety net disappearing exactly when I needed it.

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Eowyn75 t1_jadl04r wrote

Usually they would be co-owners, meaning the money is legally theirs as well. If they ever go bankrupt or owe the IRS money, it could cause you a headache trying to prove the assets are yours alone.

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pharos147 t1_jadc7k6 wrote

I’ll remove them or make a new account. If one of your parents get their identity stolen, you’re also fucked too, since they have access.

Having more people to your account just leaves more access entries

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pmgoldenretrievers t1_jadcou2 wrote

I doubt someone is going to steal their identity and actually walk into a bank to withdraw money from an account they don't know about.

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bluecar92 t1_jadh9td wrote

You're putting in a fair bit of effort to justify an unnecessary security risk to your bank account.

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pharos147 t1_jadi96j wrote

It’s happened to me before and was a lesson learned. My dad opened my account back in high school and shared access. His identity was stolen a decade later and identity thieves were able to get some money out of my account. It wasn’t cash withdrawn at a bank, everything was done online.

Don’t underestimate identity thieves, they take money from anyone, rich or poor.

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