Joint Savings Accounts

harriesj

I dont know if anyone can help me. I recently opened a JSA and deposited our wedding present money. I asked the personal banker if it could be set up so that both of us had to sign to withdraw and she said yes. My husband has subsequently withdrawn the money and invested it without my knowledge. The PB is now saying that I never asked the question. She has either forgotten or she is lying to protect her own position. I am told that the form says either can withdraw - yes but I specifically asked if it could be set up a different way and was told it could. Am I therefore wrong to believe what I was told by her? Apparently they havent had a savings account where both are required to sign since 2007 (although they do have a different account which requires 2 signatures but I was not told this). Whilst I am angry with my husband I am also angry about the service I am getting from the bank. It has been investigated and basically they have taken her word over mine (whichI expected) so I intend taking it to the Ombudsman. Just wondered if anyone had any advice.

opinions4u

While you can go to the FOS, I think you need to consider what you will gain.

As a couple, the money still exists. So there is no obvious loss.

So what are you looking for the FOS to do? Decide who said what in a conversation that nobody witnessed and nobody recorded?

atush

Personally, I think you have much bigger problems than that with the bank. In future, ask for such confirmations to be in writing, or sign all relevant forms while there. There are accts such as you want, but maybe not at your current bank. Quite frankly if you thought your husband to be was a financial spendthrift why didn't you open an acct in your sole name?

Your biggest problem is early on in your marriage your husband has done something which you did not agree with nor consented to. How will you deal with upcoming events of both personal and financial natures having lost trust in him? What if he sells a film of your honeymoon antics on the internet? Takes a mistress? Spends all your money on fast cars, porno and the ponies?

That is quite frankly where you should be focusing your attention.

calypso_rhapsody

Oh dear - i think i'd forget about the Ombudsman and focus on your relationship with your husband - i do hope he has not invested it too stupidly! Has he put it in his sole name? You need to work out some sort of agreement about joint finances now before this excalates.

And i'd share atush's concerns about what such a lack of trust / breach of trust means for the long term but i do hope you can work it out.

le_loup

I agree that I think your problem lies, not with your bank!

V.Lucky

Surely even if the bank paid you out, they would come after your husband? Is that what you want?

McKneff

I wouldnt bother wasting your time with the ombudsman to be honest.

This 'investment' has it made any money then?

What does your OH have to say in all this,

xylophone

harriesj wrote: »

I dont know if anyone can help me. I recently opened a JSA and deposited our wedding present money. I asked the personal banker if it could be set up so that both of us had to sign to withdraw and she said yes. My husband has subsequently withdrawn the money and invested it without my knowledge. The PB is now saying that I never asked the question. She has either forgotten or she is lying to protect her own position. I am told that the form says either can withdraw - yes but I specifically asked if it could be set up a different way and was told it could. Am I therefore wrong to believe what I was told by her? Apparently they havent had a savings account where both are required to sign since 2007 (although they do have a different account which requires 2 signatures but I was not told this). Whilst I am angry with my husband I am also angry about the service I am getting from the bank. It has been investigated and basically they have taken her word over mine (whichI expected) so I intend taking it to the Ombudsman. Just wondered if anyone had any advice.

How could you do this without your husband's being present to agree that he wanted to be named on the account? You were told it "could" be set up in a different way but it wasn't because the correct form was not signed/box ticked?

I have to say that whenever I have been involved in setting up a joint account the form specifically asked for both account holders to sign and for a box to be ticked for one/both signatures required for withdrawals.

It seems to me that you need to discuss what has happened with your husband, to disinvest if you do not agree with the investment he has chosen and then to open a new account which does require joint signatures for withdrawal?

harriesj

I would have been quite happy if they had required us both to be present but the form was signed off the premises and I attended on my own. I am now told that they are unable to set up a joint account which requires both signatures - all their accounts are operable by one or the other. Ironically I can close the account without needing the other party's signature.