Bank account.

[kissyfur]

My mum set up a building society account in my name without telling me and put �5,000 into it so that the gov couldnt touch it. She did this without me knowing. I have since had a huge fall out with my family and have been kicked out. I want to know what will happen to the account as she cant withdraw money from it without my signature. Would she be able to go in and close it on my behalf without me knowing?

[1 inaMIllion]

Surely, if she set up the account without your knowledge, she can just as easy close it.

[auzzie]

Your mom must be a signatory to be able to set it up in the first place. She must have opened it as a trust fund for you, but she still can have the money back and close the account.

[PinkFizz]

Yes,if she opened it she can close it.

[kissyfur]

She forged my signature to get it. Its no sort of trust fund. She has not signed her name to anything to do with the account. The people at the building society know me well and surely wouldnt close the account if they knew it wasnt me doing it? Handing over �5000 to someone they knew wasnt me?

[Pippa68]

From my own experience, if there are 2 signatures required then the account can only be closed with both parties knowledge & consent.

Do you have a passbook?

[Pippa68]

Sorry ~ cross posted.

Your mum couold be in major trouble if she is forging signatures. I would get down there double quick and withdraw the dosh!

[kissyfur]

My thoughts exactly, she has no proof the money is not mine.

[Miss Zippy]

If the account is held in your sole name then you are the sole legal owner of the funds held in that account. (Your mum might argue that she is the beneficial owner of the funds but she would have to show that you are holding the money on trust for her.) Therefore, you are entitled to withdraw the funds. Whether it's equitable for you to do this is a matter for your conscience! I find it highly surprising that the bank did not ask for identification documentation from your mother when she opened the account (unless you are an existing customer).

[1 inaMIllion]

Miss Zippy, kissyfur now claims that the "Building Society Staff know me well", which implies that she IS an existing customer. If that is the case, how could someone else open an account in her name?. VERY CONFUSING!

[PinkFizz]

Why would your mother open a bank account in your name and forge your signature??

[__LEE__]

when she started this account, did she do it for you or herself ?
or are you just after advise on how to steal your mums money.

[Ethel]

Your mum obviously looks a lot younger than her actual years.

To open account you need to show all manner of id - from which the date of birth would be obvious.

Lucky mum.

[Joowlie]

You say she cant withdraw without your signature and yet you cant have given a signature if you knew nothing about it!!!???? My guess is that she opened it when you were a minor in which case the money is legally hers and she will be able to withdraw and close as and when she wishes as it will be her signature on the account.

[deso]

What do you mean by "so the government couldn't touch it"? B.Soc interest is taxed automatically before you get your hands on it. Opening an account in someone elses name doesn't get round this. This is all quite bizarre.

[antiguru]

Deso � for those lucky few who do not pay tax (like children) it is possible to apply to a bank/BS via a form called an R85 (an Inland Revenue procedure) to receive interest gross not net. So an account opened in the name of a child will almost certainly have automatically used this facility.

If anyone reading this thinks they should get their interest paid gross, find out more on the Inland Revenue website or ask your bank/BS for their in-house procedure.

[Ethel]

And deso -

If mum is on benefits and needs to keep her capital under a certain amount to remain entitled, putting it in a child's name could 'hide' it.

[PinkFizz]

so......Is kissyfur saying that her mum pretended to be her and opened this account? Or is she saying that her mum opened an account for her daughter ,with her as the controlling adult on it? Im confused.

[kissyfur]

Ok let me clarify. My mum opened the bank account when the gov was trying to assess how much money they had in their names (parents). The less they were shown to have the more they could claim for some benificial resons which I wont go into. So she set this account up to effectively hide the money. The required forms were filled in by herself, and as I have two accounts with them anyway they asked her to get the forms signed by myself, which she forged the signature on. The money is now in may name, and I am the one who has to sign anything if she wishes to withdraw anything( I have to go with her in other words) All I was asking is if she has the power to close the account?

[PinkFizz]

Did your mother tell you that she had forged your signature?? Why didnt she just get you to sign the forms?

And if she has done all this - have you gone into the bank and explained the situation?

[stevie21]

Pippa - "if there are 2 signatures required then the account can only be closed with both parties knowledge & consent."
Isn't true. Accounts can be set up so that either person has authority to do this or alternatively authorisation is required from both.

Either way, this account seems to be set up just in one person's name and, kissyfur, your Mum cannot legally close the account. Only you can do that.
It's not your money though so you'll need to sort something out. Keeping the money for yourself is morally akin to theft.