I have a joint account with my grandmother. I took funds out of the account can I get in trouble?

Question

My grandmother stole my car and my mom stole my stimulous check. I took funds out beause i was in a financial bind. can i get in trouble or be liable for anything?

Answer 1

A joint account is owned by both parties so you can't "get in trouble".  However, if your relatives are stealing from you, you need to separate all of your finances from them and get a post office box so that you can receive your mail, financial and otherwise, without interference.

Answer 2

I would say that all of you could be done for fraud, although I would not like to get involved.

Answer 3

If you haven't contributed to the account, you could be arrested if your grandmother goes to the cops.  You can also be sued by your grandmother or by the bank, if your grandmother sues the bank.

Answer 4

Your grandmother stole your car. You stole your grandmother's money in the joint savings account. Sounds like a fair trade to me. =)

Answer 5

A true joint account is one where BOTH you and your grandmother put the money in.  If only your grandmother put the money in, you made a gift to yourself of HER money.

I'm hardpressed to believe that your grandmother stole "your" car or that your mother stole "your" stimulus check.  You sound like a kid living at home and none of these would be yours.

Answer 6

You need to make sure that you clarify what “on the account” means. The simple answer is if this is a true joint account then both are owners are entitled to all the balance. Additionally, both are responsible for negative balances or charged off balances regardless of who did. I say “true joint account” because all too often clients see their name on a statement and assume joint ownership. You could be a POD or beneficiary. Credit unions have memberships and there is no such thing as a joint membership. Likewise, some banks allow their clients to issue ATM cards for non-owners (why I have no idea, but I have seen it). If you “took the money out in persona, at the bank, chances are you are a joint owner.  If you did any other way, you should probably check. As a non-owner, you can be criminally liable for loss.