Submitted by Economy_Example_4289 t3_11ebwka in personalfinance
pmgoldenretrievers t1_jadag05 wrote
Reply to comment by Werewolfdad in Should I disconnect my parents from my Bank Account by Economy_Example_4289
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.
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.
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.
MickFlaherty t1_jadkd2z wrote
And they still would have 100% access and rights to the entire balance anytime they want without your approval.
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.
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.
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
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.
bluecar92 t1_jadh9td wrote
You're putting in a fair bit of effort to justify an unnecessary security risk to your bank account.
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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