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  • FIRST POST
    • Leanne1904
    • By Leanne1904 12th Mar 18, 11:59 AM
    • 6Posts
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    Leanne1904
    Daughters bank account empty
    • #1
    • 12th Mar 18, 11:59 AM
    Daughters bank account empty 12th Mar 18 at 11:59 AM
    Hi,
    My daughter is 13, when she was around 5months old my husband set up a save4it account with Halifax. He was the trustee on the account. I have recently discovered he has cleared out the account, over £3500 gone. The bank and the police say there is nothing that can be done as he is the Trustee on the account. I was wondering if anyone knew if this is true or if there is anything I can do?
    Tia
Page 1
    • atush
    • By atush 12th Mar 18, 12:14 PM
    • 16,806 Posts
    • 10,488 Thanks
    atush
    • #2
    • 12th Mar 18, 12:14 PM
    • #2
    • 12th Mar 18, 12:14 PM
    Have you divorced? Did you have a financial agreement? If so, that was the time for the acct to be transferred to you as trustee if you are the custodial parent.

    Does he pay maintenance? You could take him back to coourt to increase maintenance so as to build up an account for her now.

    Does he see his child? Does she know he took her money?
    • jimjames
    • By jimjames 12th Mar 18, 12:15 PM
    • 12,649 Posts
    • 11,312 Thanks
    jimjames
    • #3
    • 12th Mar 18, 12:15 PM
    • #3
    • 12th Mar 18, 12:15 PM
    Husband or ex husband? Have you asked him what happened to the money? If he is the signatory on the account then he is able to do transactions on it so the police won't be able to do anything
    Remember the saying: if it looks too good to be true it almost certainly is.
    • xylophone
    • By xylophone 12th Mar 18, 12:22 PM
    • 25,563 Posts
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    xylophone
    • #4
    • 12th Mar 18, 12:22 PM
    • #4
    • 12th Mar 18, 12:22 PM
    It's a breach of trust but

    https://www.telegraph.co.uk/finance/personalfinance/investing/11286926/Martin-Lewis-the-eight-questions-Im-always-asked-about-childrens-savings.html


    As for whether it is legal to do so, I've consulted lawyers who, as is often the case, had mixed views. Some say it is criminal fraud, others say there's nothing in practice to stop it though you could attempt a civil suit for breach of fiduciary responsibility.
    • Leanne1904
    • By Leanne1904 12th Mar 18, 12:37 PM
    • 6 Posts
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    Leanne1904
    • #5
    • 12th Mar 18, 12:37 PM
    • #5
    • 12th Mar 18, 12:37 PM
    We are still married but separated. I am now filing for divorce.
    There was no financial agreement, but I was in possession of the paying in book which was all I was aware you could use to take money out of the account.
    Child maintenance, he does pay but bare minimum atm as last tax year he earned so little. He very rarely had the children, some times it would be months between him having them
    • xylophone
    • By xylophone 12th Mar 18, 12:48 PM
    • 25,563 Posts
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    xylophone
    • #6
    • 12th Mar 18, 12:48 PM
    • #6
    • 12th Mar 18, 12:48 PM
    but I was in possession of the paying in book which was all I was aware you could use to take money out of the account.
    But you were not the trustee?

    https://static.halifax.co.uk/assets/pdf/savings/pdf/back-book-savings-account-conditions.pdf

    Withdrawals/closure
    Instant access with no loss of interest. You will need
    to visit one of our branches with a counter to make a
    withdrawal or close your account.


    It doesn't make it clear whether or not the passbook was required but if this was a passbook account, it seems strange that the book wasn't requested.
    • EachPenny
    • By EachPenny 12th Mar 18, 12:49 PM
    • 5,166 Posts
    • 13,798 Thanks
    EachPenny
    • #7
    • 12th Mar 18, 12:49 PM
    • #7
    • 12th Mar 18, 12:49 PM
    Have you divorced? Did you have a financial agreement? If so, that was the time for the acct to be transferred to you as trustee if you are the custodial parent.
    Originally posted by atush
    The concept of 'custody' is now outdated as far as the courts are concerned. Parents will normally be deemed to have joint responsibility and that means shared responsibility for things like managing and protecting the child's finances. You could only get a parent excluded from involvement in the child's savings if it could be proved the parent had acted fraudulently in the past.

    Does he pay maintenance? You could take him back to coourt to increase maintenance so as to build up an account for her now.
    Originally posted by atush
    Going to court for anything to do with child maintenance is unlikely to be worthwhile these days unless very special circumstances apply. It is unlikely a court would make an order against a parent for the purpose of building up a savings balance, especially if the parent concerned is on a low income.
    "In the future, everyone will be rich for 15 minutes"
    • bowlhead99
    • By bowlhead99 12th Mar 18, 12:51 PM
    • 7,975 Posts
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    bowlhead99
    • #8
    • 12th Mar 18, 12:51 PM
    • #8
    • 12th Mar 18, 12:51 PM
    We are still married but separated. I am now filing for divorce.
    There was no financial agreement, but I was in possession of the paying in book which was all I was aware you could use to take money out of the account.
    Child maintenance, he does pay but bare minimum atm as last tax year he earned so little. He very rarely had the children, some times it would be months between him having them
    Originally posted by Leanne1904
    So when you make a financial agreement as part of the divorce, make it clear that in addition to what you mutually agree he pays towards the children there is also the child's £3500 which he's holding on to and has to spend on them. Or sign back over to you to spend on them given you're the one seeing them 360 days a year.

    Assuming he's already spent the £3500 and doesn't have any cash, the latter seems unlikely to happen.
    • xylophone
    • By xylophone 12th Mar 18, 12:53 PM
    • 25,563 Posts
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    xylophone
    • #9
    • 12th Mar 18, 12:53 PM
    • #9
    • 12th Mar 18, 12:53 PM
    If the OP has instructed a solicitor in connection with the divorce, she might consider asking his advice concerning the breach of trust?
    • Westie983
    • By Westie983 12th Mar 18, 12:54 PM
    • 4,354 Posts
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    Westie983
    Although its a passbook account, withdrawals can be made as long as the signature on the account matches the signature in front of the cashier.

    As the named trustee on the account, he is the only one who can make any withdrawals, not even the child, you are right sadly that there is nothing that can be done, and sadly is an issue that has become more apparent recently.

    I would ask your husband what the money was spent on, or whether he is going to repay the account balance to the child.

    Sorry its not better news,

    Westie983
    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 £900/£1,000 = 90.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £12,022.59/£15,865 = 75.78%

    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 forumteam@moneysavingexpert.com
    • Leanne1904
    • By Leanne1904 12th Mar 18, 12:55 PM
    • 6 Posts
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    Leanne1904
    He!!!8217;s not on a low income anymore, he!!!8217;s now in the army so has a reasonable wage coming in.
    The paying in book was in my possession as I was the only person putting money into the account. Money that came from relatives etc.
    He has spent all the money, I!!!8217;ve got a statement showing all of the money being removed over an 8month period.
    • Westie983
    • By Westie983 12th Mar 18, 1:34 PM
    • 4,354 Posts
    • 14,910 Thanks
    Westie983
    He!!!8217;s not on a low income anymore, he!!!8217;s now in the army so has a reasonable wage coming in.
    The paying in book was in my possession as I was the only person putting money into the account. Money that came from relatives etc.
    He has spent all the money, I!!!8217;ve got a statement showing all of the money being removed over an 8month period.
    Originally posted by Leanne1904
    Sadly even though the book was in your possession, you were not named on the account, so if and when you wanted to take money out you would have had to speak to your husband to get the money out.

    Im very sorry this has happened and like I say its not the first time it is has happened, but there is nothing you can do as it was set up with just your husbands name, and not both, and have both to sign for withdrawals.

    Sorry, I hope that your husband does the right thing, and offers to give the money back.

    Westie983
    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 £900/£1,000 = 90.00%
    £2 Savers Club 2018 #16 Total (£1,500)+-480/£2,000 = 51.00%

    Total £12,022.59/£15,865 = 75.78%

    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 forumteam@moneysavingexpert.com
    • xylophone
    • By xylophone 12th Mar 18, 1:38 PM
    • 25,563 Posts
    • 15,098 Thanks
    xylophone
    He!!!8217;s not on a low income anymore, he!!!8217;s now in the army so has a reasonable wage coming in.
    Ask your solicitor about suggesting to him that unless he makes restitution, you'll lay the matter of breach of trust before his commanding officer as "conduct unbefitting a serving soldier in HM Forces"?
    • Leanne1904
    • By Leanne1904 12th Mar 18, 2:24 PM
    • 6 Posts
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    Leanne1904
    Thanks for that, that!!!8217;s very helpful
    • pearl123
    • By pearl123 12th Mar 18, 2:31 PM
    • 1,394 Posts
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    pearl123
    What about a small claims court if you get nowhere?
    • PeacefulWaters
    • By PeacefulWaters 12th Mar 18, 2:59 PM
    • 8,318 Posts
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    PeacefulWaters
    If he's spent / spending the money on the child there's no issue.
    • colsten
    • By colsten 12th Mar 18, 4:02 PM
    • 9,026 Posts
    • 7,792 Thanks
    colsten
    As you are filing for divorce, and assuming the children stay with you, ask your Solicitor to include the missing £3.5K in the divorce settlement.
    • Leanne1904
    • By Leanne1904 12th Mar 18, 4:10 PM
    • 6 Posts
    • 0 Thanks
    Leanne1904
    Not sure why it keeps putting random letters?!?
    Anyways, I can prove that none of the money was spent on my daughter as he doesn’t have her to spend the money on her
    • Reaper
    • By Reaper 12th Mar 18, 4:24 PM
    • 6,267 Posts
    • 4,516 Thanks
    Reaper
    Not sure why it keeps putting random letters?!?
    Originally posted by Leanne1904
    It's replacing your apostrophes. The 8217 number is the unicode value for a "right single quotation mark".

    Your keyboard language may be set to something odd or you maybe you are copying and pasting from Word or similar.
    • pearl123
    • By pearl123 12th Mar 18, 8:42 PM
    • 1,394 Posts
    • 2,074 Thanks
    pearl123
    8217 kept coming up on one of my posts when I was using the apostrophe. I presumed it was some martin lewis forum software bug.
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