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    • jez1954
    • By jez1954 5th Dec 17, 3:15 PM
    • 1Posts
    • 0Thanks
    childs savings account problem
    • #1
    • 5th Dec 17, 3:15 PM
    childs savings account problem 5th Dec 17 at 3:15 PM
    My son (who is now 18) had a savings account taken out many years ago for him by a friend with whom I have now lost contact. Last heard was that they were living in France but could now be anywhere or even deceased. The bank say that the adult opening the account in my sons name must sign the paperwork to transfer the account to my son before he can manage the account and make withdrawals. I've explained that we are no longer in contact and have no knowledge of the persons whereabouts but they are just not interested. There is 300 in the account - how can he get the bank to sign it over to him?
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    • Flobberchops
    • By Flobberchops 6th Dec 17, 12:18 AM
    • 722 Posts
    • 523 Thanks
    • #2
    • 6th Dec 17, 12:18 AM
    • #2
    • 6th Dec 17, 12:18 AM
    If that is indeed the bank's policy (as opposed to the trustee account maturing into an account in the child's sole name at 18, as is how some banks handle it) then it seems you're out of luck. The money is still, apparently, legally the friend's, and trying to convince the bank that it was the *intention* to give it to your son so can he have it please, will be fruitless.

    Be thankful it was only 300 rather than 30,000 and forget about it, unless the account Ts+Cs make you think you have a reasonable shot.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • Westie983
    • By Westie983 6th Dec 17, 10:42 AM
    • 4,328 Posts
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    • #3
    • 6th Dec 17, 10:42 AM
    • #3
    • 6th Dec 17, 10:42 AM
    The only person who has access to the account is the trustee...

    If you really don't have contact with them then there is not much you can do.

    This is why many of the accounts now opened for children are in the child's name from the beginning with the trustees dealing with transactions on their behalf, which means the child can gain access to the money.

    Past accounts were opened by the trustee for the child and only they can access the account including closure.

    This happens frequently when parents hand over the books where I work and I cant give them any money as they are not the named holder of the account.

    As Flobberchops said, be thankful it is 300 and not 3000

    unless you can get back in contact then I would suggest you forget about this money, eventually the bank will contact the account holder to remind them of the account when there hasn't been any transactions in 15 years. if the account address has been kept up to date.

    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 750/1,000 = 75.00%
    2 Savers Club 2018 #16 Total (1,500)+-480/2,000 = 51.00%

    Total 11,872.59/15,865 = 74.83%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email
    • Malthusian
    • By Malthusian 6th Dec 17, 10:56 AM
    • 4,065 Posts
    • 6,371 Thanks
    • #4
    • 6th Dec 17, 10:56 AM
    • #4
    • 6th Dec 17, 10:56 AM
    If the account is in the name of the son then that should make it clear to the bank that it is a bare trust account for his benefit, and having turned 18 he is absolutely entitled to access the capital. If this is the case he does not need the trustee's signature and the bank are talking rubbish. He is absolutely entitled to access his money.

    If the account is in the name of the friend then your son is, from the bank's perspective, just some random third party asking to withdraw someone else's funds. However, the OP referred to "the adult opening the account in my sons name..." which suggests that the son's name is on the account.

    If this is the case, the OP's son should make a formal complaint to the bank in writing, pointing out that the bank knows that the account belongs to him (because it has his name on), and that having turned 18 he is by law absolutely entitled to access the capital, without the trustee's say-so.
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