If your parents extract money out of your bank account and spent it, is it stealing?
The answer depends on how the account is set up.Joint AccountIf they are listed as an owner on the account then no. Any owner can take the money from a joint account. If you set up a joint account with someone, be ready for the idea that they could make off with the funds and leave you with overdraft fees. Mothers, Fathers, spouses, uncles cousins—and worst of all boyfriends & girlfriends should not go on your accounts unless you have a real reason why they need to be on there. And if you do that, consider separating any funds that don’t need to be in there.Minor AccountBut if the account is set up as a custodial account for a minor, then yes, any money in that account is property of the minor, and to remove it for their own use would be illegal, and it would be a taxable event. The custodian would need to show justification for the removal of funds if ever challenged by the minor. Justification would be buying something for that value for the child—but what counts is for the IRS and the lawyers to decide. Long story short though, taking the money and spending it on something other than the child is stealing.Adult Account - (parent is not a signer)If you’re a legal adult and your parents somehow get into your bank accounts without being signers, that’s a serious crime. It’s not just stealing, but it’s probably also fraud—because how else could they get the money out? if you were to contact the police, your parents could get in serious trouble.
Should married couples have joint bank accounts?
This question has popped up a lot lately ... I'll use my own life as an example. When I met my partner five years ago (we're both men), I was very bad with money and he was not. His financial house was in order, I was in debt and a spent money like it was going out of style. I never even once asked him to open a joint account with me, even when he suggested it I said no. I didn't want our relationship being strained by one of my creditors possibly coming after my (our joint) bank account. A few years went by and I got my finances cleaned up, and I've painstakingly learned the value of being responsible with money. Now, we have a joint account but it's only for household expenses. We each have our own separate accounts that are in no way tied together. Our joint account is for rent, utilities, and shared expenses like food and common entertainment. We each have our own personal accounts so we each have our own monies, and the shared money in the joint account has to be used for the aforementioned common purposes. I got this idea from my mother. When she remarried her second husband she insisted they have separate accounts for a few years, then after a while open a joint account for joint expenses (and they kept their personal accounts for personal monies). It seems so trivial, but money is often the cause for a lot of headaches in relationships. This way there is no headache.
What happens if your checking account is negative and you never pay them back?
I have a joint checking account with my parent that I opened 5 years ago and never closed it to get my parent's name off because Chase wouldn't let me unless my parent was there. My parent had a dispute with the bank over a loan and was not going to pay the loan until the dispute was resolved. So they took over $600 out of my account, but I withdrew that money that same day. The next day they said they took there money for the loan, but my money was overdrawn, even though at the time it was in my account and I had it in my hand. My account is now negative over $600 and they are charging me $5 everyday for overdraft, potentially over $1000 a year if they let it add up . I refuse to pay the money. What will happen if I never pay the money back if anything?
How do I close a joint bank account if the other person does not consent?
WHY DON'T YOU JUST GO TO BANK OF AMERICA AND OPEN A NEW ACCOUNT.. LIVE THAT ONE WITH CITIZENS BANK ALONE... STOP PUTTING ANY MONEY IN THAT ACCOUNT RIGHT NOW. I HOPE YOUR MOM WON'T BE THE TYPE TO STEAL FROM HER KID BUT JUST IN CASE, MAKE SURE YOU TAKE A COPY OF THE BALANCE AND DON'T TOUCH THE ACCOUNT UNTIL YOUR 18, THEN CLOSE IT DOWN. IT'S REALLY THAT SIMPLE.
If you are just adding someone to your bank account, will they check that person's credit?
No, your bank is not going to check her credit history since they are not extending her credit. Should be real easy to go in and add her to your account and get her a debit card. Just keep an eye on your balance since when two people are using the same account, you can easily create and overdraft situation without knowing.
Can banks see your other bank accounts?
In the US, while they cannot see your individual transactions in accounts held at a different bank, they generally can see that you have an account there.The vast majority of banks in the US subscribe to one of several specialized credit rating services such as Chex Systems. Almost every time you apply for a new account at a bank of credit union, the bank you apply at will check your record at one or more of these services leaving behind an “inquiry” that remans visible to any other bank which views your report.If you have an account at, say, Chase Bank and later open an account at, say, Bank of America, Chase will be able to view your report at one or all of the specialized ratings services and see the “inquiry” from Bank of America. In fact, the services specifically sell a service to notify each bank you do business with any time a new “inquiry” appears. So, in the example I gave, Chase would have a pretty good indication you are likely to have an account at Bank of America.I should add, Chex Systems also gets reports from certain check printers every time you order checks and lists this on your report. Other banks you do business with can see this. If you bounce a check, this is reported. So are new ATM cards issued, usually.
My girlfriend wants me to give her my bank account number and PIN really badly because she found out I was kind of rich. What do I do?
Years ago my girlfriend and I were living in different cities for a while because of work obligations and one day she wanted my bank account number really really badly but would not tell me why. Being a trusting person I gave it to her and forgot about it. Then, a week or so later the first of many emails started coming that had me running around...The first one was a cake recipe with love notes on the edges. It was a recipe for one of my favourite cakes, the next was an address and a person I had to present myself to and another said I had to be at a specific parking lot at a very late hour.The last email was a message from her that said since she would not be able join me on my birthday she deposited money into my account for all the ingredients of the cake she would have liked to give me on my birthday, the person I had to present myself bakes birthday cakes and would assist me with the process and equipment. The parking lot...that was were the bus would drop her the weekend when she comes to visit to bring the rest of my presents. That amazing girl is now my wife.The point is that there is very little that someone can do with your bank account number except deposit money. My number is on every invoice I send out and I have never had a problem.If girl is involved with shady characters that may do some money laundering then there could be a problem, but then I would also question why you are with her. Some context would go a long way to getting the correct responses in this case.
Minor saving account?
I personally have been going to my local credit union since I was 10. Credit union's usually have the best interest rates in the area of savings accounts, checking, and loans. Plus it is more personal and they will know you unlike a major bank. If you don't like a credit union 5/3 bank and Chase Manhattan and both good banks.