Parent taking control of my student loans

So I will be starting uni this year and my dad has decided to take full control of my bank account in which the money will be sent to. He says he will send money over to my other account when I need it which means sending travel and lunch money here and there… just wanted some advice… what are ur thoughts on this?

How do you feel about this? is there a reason for this?

Reply 3

ReadingMum

19

The money is yours. It is being paid into an account in your name. Giving someone else the security details to access your account is undoubtedly against the bank T&Cs. Say no and change your password so he can't get access.

Reply 4

StriderHort

21

'No, I think it would be easier If I had control of both income and expenditure, but thanks for the suggestion"

As above, if you give over the details you can end up banned from banking (CIFAS fraud marker)

Reply 5

Callicious

22

Against the rules of the bank. Stupid move, too.

Reply 6

Callicious

22

Original post by StriderHort

'No, I think it would be easier If I had control of both income and expenditure, but thanks for the suggestion"

As above, if you give over the details you can end up banned from banking (CIFAS fraud marker)

Oh god... I'm having trauma with all these cifas threads popping up in 2021:_:

Reply 7

Kogomogo

18

It's your account and you're an adult, he can't force this on you, just don't give him any access to your account. If he has any control over your finances at this point it's because you're choosing to let him do so.

Reply 8

Shirohige

9

Yeah do not let it happen....if you are moving out then who cares, if he remains angry, it's his own fault. It's your life.

Reply 9

PhoenixFortune

21

Original post by Mrasool841

So I will be starting uni this year and my dad has decided to take full control of my bank account in which the money will be sent to. He says he will send money over to my other account when I need it which means sending travel and lunch money here and there… just wanted some advice… what are ur thoughts on this?

If he is not named as a co-account holder, then as others have said, the bank won't be happy about it. Unless you have given your dad reason to believe that you are untrustworthy with money in the past, I don't see any moral reason for him to take control either (not that he should in any case).

Reply 10

brjf

18

Original post by Callicious

Oh god... I'm having trauma with all these cifas threads popping up in 2021:_:

It’s almost like schools/parents aren’t teaching their children how to manage money properly

Reply 11

Bio 7

21

Don't let anyone have control of your bank account. That's how people end up with CIFAS markers and have their lives upended for a while.

That's your money, if there is a reason for him to have any of it then you can pay some to him but it's for you to control.

Reply 12

Bio 7

21

Original post by brjf

It’s almost like schools/parents aren’t teaching their children how to manage money properly

Oh perish the thought!

Reply 13

plb435

10

Part of the experience of going to university is learning how to manage your own money. Ensure it is being paid into an account where you are solely named, and change access details.

Reply 14

mnot

Universities Forum Helper

20

Original post by Mrasool841

So I will be starting uni this year and my dad has decided to take full control of my bank account in which the money will be sent to. He says he will send money over to my other account when I need it which means sending travel and lunch money here and there… just wanted some advice… what are ur thoughts on this?

I dont see how this is possible, presumably the money will sent into your personal account.

Reply 15

Muttley79

20

Original post by Mrasool841

So I will be starting uni this year and my dad has decided to take full control of my bank account in which the money will be sent to. He says he will send money over to my other account when I need it which means sending travel and lunch money here and there… just wanted some advice… what are ur thoughts on this?

He can't get control unless you let him - DON'T

Reply 16

JP2000!!!

15

Original post by Mrasool841

So I will be starting uni this year and my dad has decided to take full control of my bank account in which the money will be sent to. He says he will send money over to my other account when I need it which means sending travel and lunch money here and there… just wanted some advice… what are ur thoughts on this?

Don't agree to it as it's definitely causing arguments down the line - try your best to take as much control of ur life at 18+

Reply 17

londonmyst

19

Just tell your father "NO" and change all your bank passwords. :smile:

If he controls your money or finances, he will be able to do whatever he likes with your money and bank accounts.
This is against the service terms&conditions of most uk banks and risks getting your accounts shut down with a fraud alert that will remain for up to 6 years.

It is your money, your right to control your own bank account and your student loan that you will be liable to repay as soon as you start earning above the minimum level.
Never allow anyone else to any access to your online banking logins or passwords, unless it is a joint account or your have given them a power of attorney for your finances and notified your bank.
Good luck at uni!

Parent taking control of my student loans

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