pmgoldenretrievers t1_jadc8p4 wrote on February 28, 2023 at 4:56 PM

Reply to comment by annomandaris in Should I disconnect my parents from my Bank Account by Economy_Example_4289

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 on February 28, 2023 at 5:47 PM

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

mooncritter_returns t1_jadkve0 wrote on February 28, 2023 at 5:51 PM

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 on February 28, 2023 at 5:51 PM

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.