Old Abeey child saver passbook - "You cannot touch the money"

action_saver

Hi,


I am in need of help with my Santander/Abbey National passbook.


When I was 3 years old, by dad opened for me an Abbey National Action Saver account. The account came with a passbook and a play (fake) bank card.


My dad paid into this account for a few years, and then he took most of the money out for me when I was 8 to buy me a bike.


Fast forward 16 years later, and I came across this book when clearing out my room. So I thought I would ring Santander to see what the deal was with it. They told me that I could go into my Santander branch with my passbook, and draw what money was left out of the account. Fine I thought.


So I go down to my local Santander branch, hand them the passbook, say I would like to draw out the money which was in the account, the person behind the counter takes the book, enters the account number into his computer, puts the passbook into the printer and updates it with the latest balance, and then asks me if I would like to withdraw the money.


All seems to be going well, then suddenly oh, are you "my fathers name"?


No.


One moment.


A large man then approaches, mutters something while looking at the computer and says "you cannot touch the money". "you are not the account holder, come in with the account holder".


I explain to him that my full name is on the passbook, and my fathers full name is on the passbook listed as a trustee, but they were having none of it.


So where do I stand?


the passbook lists


My fathers name

Trustee for

My name.


They say as my father is the trustee I have no power over the account, but the Santander helpline say I do have power over the account.


Not sure what to do next, Going in there with my father is not an option.


Does anyone think writing to Santander would help?


I rang them again and Santander helpline says the branch is wrong and the account should be mine now I am over 18????????

shortcrust

Get a contact name and number for the helpline people who've been helping you. Go back to the branch and if they won't let you access the money ask them to call the helpline so they can argue it out between themselves.

Goldiegirl

Your father set up the account and he is the signatory on the account, so any requests for withdrawals or amendments to the accounts have to come from the signatory.


In my view, the branch is correct.

themull1

Why can you not go with your father to the bank?

action_saver

Goldiegirl wrote: »

Your father set up the account and he is the signatory on the account, so any requests for withdrawals or amendments to the accounts have to come from the signatory.


In my view, the branch is correct.

If that is the case what is the point of having my name on the account in the first place? It may as well been my fathers only.

action_saver

shortcrust wrote: »

Get a contact name and number for the helpline people who've been helping you. Go back to the branch and if they won't let you access the money ask them to call the helpline so they can argue it out between themselves.

Its not worth the hassle facing the arrogant manager of the branch.:undecided

Own_My_Own

themull1 wrote: »

Why can you not go with your father to the bank?

Why is that relevant ?

Why do people on here have to know an OPs live story before they offer any help ?

I don't speak to certain members of my family, and the reasons are my business. I certainly wouldn't be posting the reasons on an open forum.

shortcrust

action_saver wrote: »

Its not worth the hassle facing the arrogant manager of the branch.:undecided

Surely then it might be worth the satisfaction if he realises he's wrong with you standing there and has to give you the money.:)

The truth is no one on here knows whether the branch or the helpline are correct. I can only see three choices - do as I suggested above, forget it, or write to them about it.

xylophone

It looks to be the case that your father was holding the money in bare trust for you- if so, you have an absolute right to the money in the account if you are now over 18.

However, it may be that his signature is required to transfer the money into your name?

jonesMUFCforever

Look at the passbook - does it say J Bloggs trustee or on behalf of daughter's name?
If so it is in the name of the father - end of.


If it states daughter's name only with dad as signatory then in theory at the age of majority it should have reverted to daughter depending on how Abbey operated child accounts.

jackieblack

action_saver wrote: »

If that is the case what is the point of having my name on the account in the first place? It may as well been my fathers only.

It means that the money is yours, but your father has control of the account (because you were a child at the time). Had your father died the money in the account would not have been counted as part of his estate ad a new trustee would have taken over control of the account.