Are you entitled to funds if you are not the main account holder on a dividend account?

Question

My mom has a divended account in my name (but her as the primary account holder.) This was set up to fund schooling and other things. Since I am moving out of state soon, she cancelled the account and got a check for the lump sum of the account. The check is addressed to me, but shows my mom as an account holder. She says she wants me to sign it over to her, but I could really use the money and I plan on putting at least 90% into a high yield savings account, for my going back to school. Am I legally entitled to that money? Should i just sign and cash the check? Could she take any legal action against me for doing so?

Answer 1

Nope. It is easiest to take the check to the Bank the check is drawn on. Or take the check to your Bank. Ask them what signatures are required to cash the check.

Answer 2

Is it worth what it would do to your relationship with your mother?

Answer 3

The check may be made out to you but she is the one who had to have been putting the money into it over the years. Unless you know for a fact that the money was from you like an SSI check or Social Security meant for you then it was her money so it is hers. Sign it & be done with it.

If on the other hand she has been depositing your money like the above types then fight for what is right. If you were a minor when she opened the account then only she can take out the money.

Answer 4

The person who brokeraged the divendend account would know more about the legal standpoints on that situation.  Being that your mom is the primary account holder she would have to agree to your actions.  I believe it is similar to the joint account features of a bank account.  If you are unable to speak to the broker, try and research any paper work that was given at the conception of the dividend account.  Or go online to the website of the company you got the account from, they may have more information for you.