Halifax Suggest taking my childrens money!

cherryfield

Hi everyone this is my first ever post and I'm not sure I'm posting in the right place!
I've just spoken to the Halifax about 3 bank charges they are tryig to charge me this month totalling £99! The guy on the phone agreed to drop one charge (as a good will gesture) and is standing by the others. But the bit that really p***ed me off :mad: is he suggested I transfered all the money out of my childrens savings accounts into our bankaccount as he'[d noticed they got a bit of money!!! He made me so cross, I was horrified that he said I should steal from my children. I asked him if he would do the same and he said yes!! Does anyone think he's right. The children have nearly £1000 and we are really struggling at the moment. We've just cashed in our own savings, but should I do the same to my children.

Sorry if I've put this in the wrong place, but I really wanted to get this off my chest and share it with someone.

Thanks Cheryl

PS I've just posted the Halifax my first letter to start reclaiming my bank charges

Wyndham

There are two types of childrens bank accounts. If it is an account which properly belongs to the child and is in their name, then it is classed as their money, not yours. In this case, it could be that other people (grandparents, friends) have also contributed to it and you certainly don't have any rights over their money.

The alternative is where you have an account in your name, and while you may know it is money for the child, it's not legally in their name. In that case the money is classed as yours, so the behaviour above could be justified (legally, if not morally!)

Mirtos

Why not go and have a look at the Debt Free Wannabe and Old Style boards for ways to get your budget back under control? - It's also worth checking out the consumer Action Group, and Martin's post on how to claim back these bank charges - which the OFT has ruled are illegal by the way! Hope that helps.
x

cattie

I believe if I found myself really struggling when my son was young that I would have borrowed money from his savings account to pay for essentials & paid it back as soon as I possibly could.

If your children are suffering in any way due to your lack of funds then I don't view it as wrong to borrow some of their money as long as you do intend paying it back. It would only be stealing if you had no intention of paying it back or kept putting it off even when you had a little bit of spare money some months.

emilyt

We too have borrowed money from our childrens accounts. We always made sure that the money was paid back into them though.
Who does he think he is telling you what to do with your childrens savings.
Maybe you could just borrow some from their account until you are in a better financial position.
At the end of the day it has got to be your decision

Astaroth

He could well be someone suggesting a way to resolve an issue rather than let it escalate and mean the OP is charged more fees?

As others have said... if it is truely their bank account where they have decided put their pocket money/ Xmas money etc then no you shouldnt take it without asking them first. If it is an account that you have set up "for them" and have been putting money in on their behalf then whilst it is a good intention but there isnt a point in making life overly tough now for you and them so that they have a lump some to spend on beer in 10 years time.

jonesMUFCforever

In case that scouse woman comes on this board I make no comment whatsoever.
I'm lying very very low on this question!

Fait_accompli

I don't think there's anything wrong with using the money - as long as you're sensible, in the long run they'd probably benefit from having parents who are that little bit less stress about their finances.

angelatgraceland

Astaroth wrote:

He could well be someone suggesting a way to resolve an issue rather than let it escalate and mean the OP is charged more fees?

As others have said... if it is truely their bank account where they have decided put their pocket money/ Xmas money etc then no you shouldnt take it without asking them first. If it is an account that you have set up "for them" and have been putting money in on their behalf then whilst it is a good intention but there isnt a point in making life overly tough now for you and them so that they have a lump some to spend on beer in 10 years time.

I think he was trying to help you find a way out of the big dark hole of recurring bank charges. Better to borrow the childrens money than it is to give Halifax loads of interest on a monthly basis. Far cheaper to pay the children back, plus interest and as a family you will all be better off. I think youve got unecessarily upset although I understand your point. Sometimes-the remedies to our situations are not what we want to hear but it was sensible advice I feel.

johnmoney05

well...you can ask your children to see if you can use their money first, then pay them back later with interest. I can't see any reason why they will reject it. But I don't think £1,000 can help you too long. You need to sit down and think about it. How to cut cost and how to increase your income...