Trustee on account - yet child can withdraw money without my permission

*bob*

I was looking for a bit of advice.

I've been a trustee on my childrens accounts since they were set up as babies.
A few weeks ago my son went into the bank and asked for a ATM card. I'm not sure about the rest of the process, but the first I know about it is cash being withdrawn from the account.

Yes it was my son, but he used it to loan it to a freind, needless to say he's not seen the money back and is unlikely to ever do.

I'm not after getting the money from anyone, I'm just really annoyed that this has been done without my authority. Are the building society allowed to do this without my authority?

Thanks

Bob

TheEffect

How old is your son? HSBC used to have a policy where if you were 13-16, then you can have a debit card, however you must have parental permission. Unfortunately, most banks now just give debit cards to kids even if they're 11, such as Lloyds TSB.

glider3560

What is the name of the account and who are the bank? The product may have terms that allow him to access the money at a certain age.

jonesMUFCforever

It depends on how the accounts were opened.
If it was in your name RE the child then the account is in your name and the child should not have been able to withdraw funds without your permission.
On the other hand if the account is in the child's name with you as signatory then now he is capable of signing the bank have done nothing wrong.

abf1

Any comments on What happens if the parent dies with the trust account in childs name and the child is of age before the parent,s death but not withdrawing without permission

jonesMUFCforever

abf1 wrote: »

Any comments on What happens if the parent dies with the trust account in childs name and the child is of age before the parent,s death but not withdrawing without permission

If the account is in the name of the adult then it stays in the name of the adult even if child is now the age of majority.
Upon death the money forms part of the deceased 's estate.