Can my parents threaten to not give me my savings? Watch

Xenonz
Badges: 0
Rep:
?
#1
Report Thread starter 5 years ago
#1
My dad has just threatened to not give me my savings if i don't do well at uni. I know the savings account is in my name and I'm sure once I turned 18 it should have been handed over to me. So in theory does that mean he can't deny me access to my savings? Cant I just call the bank and ask for access to it without the book just bring ID?

Him adding more pressure on me to do well i think will hinder me so knowing he can't take my savings will give me peace of mind as right now he isn't subsidising me much.

I'm not a spoilt brat if thats what people are thinking. I am working too while at uni.
0
reply
GoingToBurst
Badges: 16
Rep:
?
#2
Report 5 years ago
#2
As far as I'm aware, if it's in your name and you have ID, you can access it. You would need to contact the bank though.
I don't understand how the prospect of NOT getting your savings would hinder you though? Wouldn't it motivate you more knowing that you'll only get it if you do well? Shouldn't doing well be the goal anyway?
You also need to get your dad to define 'doing well' because his doing well could be completely different from yours.
0
reply
Knalchemist
Badges: 14
Rep:
?
#3
Report 5 years ago
#3
(Original post by Xenonz)
My dad has just threatened to not give me my savings if i don't do well at uni. I know the savings account is in my name and I'm sure once I turned 18 it should have been handed over to me. So in theory does that mean he can't deny me access to my savings? Cant I just call the bank and ask for access to it without the book just bring ID?

Him adding more pressure on me to do well i think will hinder me so knowing he can't take my savings will give me peace of mind as right now he isn't subsidising me much.

I'm not a spoilt brat if thats what people are thinking. I am working too while at uni.
Yes they can threaten you all the like… however if the account is in your name your Dad cannot stop you from accessing your savings.

You can go in to the bank with your passport and withdraw money over the counter. (Though it's best to take a couple of forms of ID with you).

If you don't live with your parents (IE in halls) you can change your address with the bank, and tell them you have lost your card / book and they'll send you a new one.
0
reply
Xenonz
Badges: 0
Rep:
?
#4
Report Thread starter 5 years ago
#4
(Original post by GoingToBurst)
As far as I'm aware, if it's in your name and you have ID, you can access it. You would need to contact the bank though.
I don't understand how the prospect of NOT getting your savings would hinder you though? Wouldn't it motivate you more knowing that you'll only get it if you do well? Shouldn't doing well be the goal anyway?
You also need to get your dad to define 'doing well' because his doing well could be completely different from yours.
I plan on doing well regardless. The pressure is different if its a reward for doing well, getting something I never had in the first place probably would motivate me. Knowing that I could lose something that already belongs to me and I could lose it forever adds way more pressure than the the top one, (He said forever and my relationship is kinda strained with my dad at the moment so i believe him.) sometimes pressure can be too much.
Yeah I'll ask him to define what he means by doing well thanks.
0
reply
WaceMindu
Badges: 11
Rep:
?
#5
Report 5 years ago
#5
It's a difificult topic. The savings account can be in your name, however if you father is the trustie then he has control over it. My guess is that this is the case as if you haven't gone to your branch and formally signed it over to your name then I doubt that it is you in control of it as you would be receiving the information about the account, and already be able to withdraw from it.
So long story short, if your dad is the trustie of the account then he as control over it until it is formally signed over.
0
reply
GoingToBurst
Badges: 16
Rep:
?
#6
Report 5 years ago
#6
(Original post by Xenonz)
I plan on doing well regardless. The pressure is different if its a reward for doing well, getting something I never had in the first place probably would motivate me. Knowing that I could lose something that already belongs to me and I could lose it forever adds way more pressure than the the top one, (He said forever and my relationship is kinda strained with my dad at the moment so i believe him.) sometimes pressure can be too much.
Yeah I'll ask him to define what he means by doing well thanks.
Families are tough, and it's not always possible to negotiate with them. You might have to take this as a way to better yourself and use things like this as a way of motivating yourself instead of letting them bring you down. I know how you feel though, my parents scammed me out of the money my grandpa left me when he passed away. Just do everything you can to make sure that he can't hold it from you.
0
reply
Xenonz
Badges: 0
Rep:
?
#7
Report Thread starter 5 years ago
#7
His answer to me asking him to clarify "doing well" was "you figure it out". I guess I'll just leave it for now I'm not in the situation of losing it right now. Its just nice to know if I have a chance of keeping it if i don't do as well as "he" wants.
0
reply
GoingToBurst
Badges: 16
Rep:
?
#8
Report 5 years ago
#8
(Original post by Xenonz)
His answer to me asking him to clarify "doing well" was "you figure it out". I guess I'll just leave it for now I'm not in the situation of losing it right now. Its just nice to know if I have a chance of keeping it if i don't do as well as "he" wants.
Sounds like your best bet is just going to be to contact your bank and find out if you're entitled to it without your parents signing it over or anything. If you are, just transfer it to a new account and you're golden. Your dad might be piiiiissed though.
0
reply
balotelli12
Badges: 9
Rep:
?
#9
Report 5 years ago
#9
Are you certain it is in your name?

If I open an account for my kids but the acct is in my name I keep complete control of the money even if it is intended for my kids eventually.
0
reply
Dopamine Dreams
Badges: 0
Rep:
?
#10
Report 5 years ago
#10
Bribing somebody with something in which they already own?

You've got to a be fool to take the bait.
0
reply
Dragonfly07
Badges: 18
Rep:
?
#11
Report 5 years ago
#11
That's a bit cruel of them to threaten you like that. Surely if you know you will be financially secure whether you succeed in uni or not, then any success you achieve in uni will be purely out of personal motivation rather than financial one, which makes it much better for you in both ways.

Anyway to answer your question, your parents could probably close your account before you turn 18 and remove the money from it, but I don't think they could take the money away after you turn 18.
0
reply
nic-nac
Badges: 15
Rep:
?
#12
Report 5 years ago
#12
As long as you take ID and you are over 18 you should be able to access it, although I think some might allow parents to keep access until you're 21. If you have access, but your dad still also has access then you should be able to transfer it to another account, which he doesn't have access to at all. Although I'm not sure that even if you're over 18 you would still need him to sign something for it.
0
reply
M1011
Badges: 16
Rep:
?
#13
Report 5 years ago
#13
Is it actually your savings? Or is it a savings account he's set up in your name in which your parents contribute the money?
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

How did your AQA GCSE Physics Paper 1 go?

Loved the paper - Feeling positive (5)
26.32%
The paper was reasonable (8)
42.11%
Not feeling great about that exam... (3)
15.79%
It was TERRIBLE (3)
15.79%

Watched Threads

View All