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Trustee Bank Account still held in trust for an adult?
dunkerz
Posts: 115 Forumite
A friend of mine has discovered that she has a trustee bank account left over from when she was a child (she's now in her twenties) and it seems to be getting in the way of her opening a new account with Santander (the original account was with A&L).
The bank have told her she cannot close the account without her mother's (the trustee) permission, which isn't likely to be forthcoming!
Is it true that the trustee's sign-off might still be required, even after the beneficiary turns 18 or 21? I've never come across this.
The bank have told her she cannot close the account without her mother's (the trustee) permission, which isn't likely to be forthcoming!
Is it true that the trustee's sign-off might still be required, even after the beneficiary turns 18 or 21? I've never come across this.
Started comping for 2012. Won: iPad 2 - thanks SueMaggie; 10,000 Tesco Clubcard Points - thanks Maybe1; HABA Terra Kids Construction Set - thanks purplevamp.:beer:
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Comments
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The bank is correct in telling her that.
When the account was opened, it was agreed that the trustee was holding the money for the child, and that only the trustee could make withdrawals or close the account.
In what way is it preventing her from opening an account with Santander? It seems unlikely that this could cause problems.0 -
She applied to open a new current account and was told she already has one and cannot open another. The old account is described as an 'Instant Account', which I assume means it converted to a current account on her turning 18 or 21.The bank is correct in telling her that.
When the account was opened, it was agreed that the trustee was holding the money for the child, and that only the trustee could make withdrawals or close the account.
In what way is it preventing her from opening an account with Santander? It seems unlikely that this could cause problems.Started comping for 2012. Won: iPad 2 - thanks SueMaggie; 10,000 Tesco Clubcard Points - thanks Maybe1; HABA Terra Kids Construction Set - thanks purplevamp.:beer:0 -
I had this trustee account issue and I am in my 30's. Had to travel 250miles to her place, drag her to teh bank and get the account closed. Money had to be transferred into her account as I dont bank with abby and she does and they couldnt give us the cash (for some reason I cant remember - maybe having to wait 2 days or something). Bit of a pain in the !!!! but its is sorted now!
I dont see ho this should prevent you having more accounts. I have had 3 active accouns with abby in he past, this trustee one being one of them.
If they wont play ball, simply bank elswhere.YNWA
Target: Mortgage free by 58.0
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