Zysoclaplem
Diamond Member
A friend of mine used to raise and sell cows when he was 12 years old. His dad kept the money for him from what he made from selling them, as it was like 2500 dollars, and put it into some type of savings account.
He cannot remove money from the account without his father's permission, and he and his father had a falling out. Basically he was kicked out for being gay at 17, and told to go live with his mother.
A few years later he tried to reason with his dad about needing the money for college. His dad refused to allow him access to the account. So he did student loans for college.
Now he needs a car to go from home, to work, to school, because his mother is very unstable and he is close to loosing his job. His dad will not give permission to the account. But the savings account is in my friends name for my friends money.
He is 19 now.
My friend cannot withdraw any money from the account, but his dad can. But my friend can freeze the account if his dad tries to take the money?
It's strange.
Updated: Okay, he spoke the the bank, and it's a Joint Share Account.
Basically his father took his son's money, and set it up so that it would gain interest.
My friend cannot touch it until he is 21. But his father can withdraw every penny up until the day he turns 21 and that's the end of it.
But he has the option to freeze the account. Which means it stops gaining interest, but no one can withdraw anything.
His father already told him he is not going to get the money back.
So when he turns 20 he is going to freeze the account.
He cannot remove money from the account without his father's permission, and he and his father had a falling out. Basically he was kicked out for being gay at 17, and told to go live with his mother.
A few years later he tried to reason with his dad about needing the money for college. His dad refused to allow him access to the account. So he did student loans for college.
Now he needs a car to go from home, to work, to school, because his mother is very unstable and he is close to loosing his job. His dad will not give permission to the account. But the savings account is in my friends name for my friends money.
He is 19 now.
My friend cannot withdraw any money from the account, but his dad can. But my friend can freeze the account if his dad tries to take the money?
It's strange.
Updated: Okay, he spoke the the bank, and it's a Joint Share Account.
Basically his father took his son's money, and set it up so that it would gain interest.
My friend cannot touch it until he is 21. But his father can withdraw every penny up until the day he turns 21 and that's the end of it.
But he has the option to freeze the account. Which means it stops gaining interest, but no one can withdraw anything.
His father already told him he is not going to get the money back.
So when he turns 20 he is going to freeze the account.
