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Children’s bank accounts

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rannii View Drop Down
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  Quote rannii Quote  Post ReplyReply Direct Link To This Post Topic: Children’s bank accounts
    Posted: 23/February/2018 at 21:14
My child has significant money sitting in a bank account in his name. It’s just struck
me that it might be possible for his father to access this account.


Does anyone have any experience with this? Can he walk in the bank with the account details, proof of parentage etc and withdrawal the $$??

citizen-joe View Drop Down
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  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 24/February/2018 at 00:15
I don't think so, but if the child is the signatory, they could be coerced into signing a withdrawal. Talk to you bank, perhaps you could style the account that you need to sign also.

wantpeace View Drop Down
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  Quote wantpeace Quote  Post ReplyReply Direct Link To This Post Posted: 24/February/2018 at 15:45
When I was going to open an account for step grandkids with an untrustworthy mother, I was told if she had a birth certificate she could walk in and withdraw the money. So I didnt do it.

Catsmother View Drop Down
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  Quote Catsmother Quote  Post ReplyReply Direct Link To This Post Posted: 25/February/2018 at 23:16
As per what wantpeace said. Any parent can walk in, prove they are the parent, and can get access. It really does depend on how the accounts are set up. As, from memory, your kiddy winks are very young, and unable to sign for themselves, this leaves it open for either parent to access accounts. We went through this with Comm bank, the purveyors of the Dollarmites accounts and they advised us of this. Luckily in our situation, the child was old enough to sign their account, and it was set up so that child and dad are the only ones with access. Dad has access, because the child signed that dad could view account.

rannii View Drop Down
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  Quote rannii Quote  Post ReplyReply Direct Link To This Post Posted: 26/February/2018 at 22:53
Thanks - think I will walk into CBA chat to them. I currently have netbank access.

Interestingly enough, this only came about as a family member had been putting funds away for their child - who at 16, went to set up their own bank account & bank found the one parents set up for child. It was only after child spent more than $20k that parent noticed they had been accessing the account.


Thankfully ive got the kids main account, as a subset against my mortgage - so technically mine - its the school banking account - which I want child to have ownership & ensure dad doesn't interfere with.

Catsmother View Drop Down
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  Quote Catsmother Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2018 at 08:59
When you say that it is the school banking account, do you mean a Dollarmite account. If so, technically you risk the dad having access. When we went into the bank and spoke to them, they said that they had always thought that whichever parent signed the account was the only one with access, but found out in the last few years that was not correct.

I think you are better off just putting the money aside in an account in your name only. Far safer.

rannii View Drop Down
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  Quote rannii Quote  Post ReplyReply Direct Link To This Post Posted: 27/February/2018 at 20:25
Cba have confirmed if not listed as an authority on account - then he can’t access. However, they state that they cannot advise who has authority on an account.

I want to be able to teach my children the value of money, budgeting etc & this give my kids responsibility for their own accounts. Transferring into my account won’t give them that. I guess I have to instill values in my kids so they aren’t tricked into withdrawing the funds whilst they are at dads

Master Dong View Drop Down
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  Quote Master Dong Quote  Post ReplyReply Direct Link To This Post Posted: 13/March/2018 at 17:00
My ex spent all my childrens money, the whole lot.

She promises to pay the kids, but take one guess where that money will come from...... ME!

I had to set up new accounts for all my kids and I am the only one with the authority to withdraw from these accounts.

My ex has no knowledge of these new accounts.

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