When you are a minor, and have a joint account in a credit union with a parent...?

Question

Is it necessary to have the parent present for a withdrawal, or have some sort of consent from them, or may I withdraw myself?

So nobody scolds me, all of the money in the account is mine and mine only. I only need to withdraw a few dollars, honestly because I'm out of shampoo.

:)

Answer 1

If you are a minor and your parent is the custodian... you are not able to take the money out without the parent being present. But if the account is listed as a joint account you can. But not a custodial account.

Answer 2

What you have is a custodial acct and you need your parent to withdraw the money

Answer 3

Maybe you should ask your parent to buy you shampoo.

Answer 4

It depends on how the account is set up.

If the account is set up with your parent as a custodian, then your parent will have to withdrawl the money for you.

If the account is set up with your parent as a custodian and 2 signatures are required, then you and your parent must be present to withdrawl money.

If the account is just set up as a joint account, and only 1 signature is needed, then you will be able to withdrawl the money on your own.

Answer 5

As long as it is a joint accout you have equal rights and equal responsibility fo that account. You can withdaw from it as long as you are listed as joint and not beneficiary.