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    Setting up bank account for GS?

    I want to set up an account for my grandson. If I do one can I keep his parents out of it? lol Seriously can I?
    🌺 Lorie

    #2
    Re: Setting up bank account for GS?

    If you are the co signer with the kid, no one else can use it. That's the way I understand it.

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      #3
      Re: Setting up bank account for GS?

      Jean is right, only those who are listed on the signature card should be able to access the funds in the account. However, if he gets an ATM/debit card and lets his parents use it, that's another story.
      *~* Myrna *~*
      *~* Quilters lead pieceful lives *~*

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        #4
        Re: Setting up bank account for GS?

        Yes, you need to be the cosigner. Be warned, though, you will need his social security number in order to do this. I know, because that is how I set up my GS's accounts.
        No act of kindness, however small, is ever wasted.
        Aesop

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          #5
          Re: Setting up bank account for GS?

          Well he's turning one next month. This will be a 1st birthday gift I plan on continuing each year, My mom gave my girls savings bonds which they still are hanging on to. I'd rather put the money in.
          🌺 Lorie

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            #6
            Re: Setting up bank account for GS?

            We set up UTMA accounts for the grands. It didn't cost anything and we are in control of the account. At 18, the account is automatically turned over to them. No one else (including them) is able to touch it with our consent. IOW, the account is owned by the GS but controlled by you.
            Cindy

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              #7
              Re: Setting up bank account for GS?

              Originally posted by seaturtle View Post
              We set up UTMA accounts for the grands. It didn't cost anything and we are in control of the account. At 18, the account is automatically turned over to them. No one else (including them) is able to touch it with our consent. IOW, the account is owned by the GS but controlled by you.
              Very helpful. Thanks!
              🌺 Lorie

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                #8
                Re: Setting up bank account for GS?

                We also set up theUTMA account for our grandkids and we add a little for each birthday or for whatever occasion we want to.

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                  #9
                  Re: Setting up bank account for GS?

                  Nice idea. Talk to someone where you bank to find the type of account that you want. When our sons were young I set up bank accounts for each of them for their health, education and welfare, can't remember what the accounts were called or what the tax benefits were. I was the only one who wrote the checks, mainly for their education.

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                    #10
                    Re: Setting up bank account for GS?

                    I opened my kids the UTMA savings account "thinking" when they turned 18 ownership would transfer to them, well it didn't. It worked out for us anyway.

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                      #11
                      Re: Setting up bank account for GS?

                      I set up savings account for m GKs. My name and theirs was on each account. As they graduate school I give them the account and they take my name off. All statements up to that point are sent to me so nobody knows how much is there or any account info.

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                        #12
                        Re: Setting up bank account for GS?

                        If you do it in the style of a trust, then they cannot access it until they are "of age"
                        Ours is set up so kids have some access at 18, and the rest not until after age 25 years old.
                        Happy Quilting!

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                          #13
                          Re: Setting up bank account for GS?

                          I set up my GD a trust account when she was born...it was in her name and mine...I was the only one that could touch it.
                          Blankets wrap you in warmth, quilts wrap you in love

                          Marilyn......
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                            #14
                            Re: Setting up bank account for GS?

                            Thanks everyone! The main reason I want to keep it in my name is that my dd was going to break up with the father before she found out she was pregnant and she gave the baby his last name. I don't think he would actually try to get into an account, but he doesn't like me so you never know. lol
                            🌺 Lorie

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                              #15
                              Re: Setting up bank account for GS?

                              We have a BrightStart College Account for our grandson with our names and his. My DIL's family tries to outdo each other when it comes to gift giving so we give a card with a note inside stating we have put money in an account for him. We do give a couple small gifts, of which I have never seen. I assume Goodwill in their town receives them. My son and DIL have no idea how much is in the account and I will never tell them.
                              Robin
                              My Pinterest Page of the Quilts I've Made: http://www.pinterest.com/rwmomto3/quilts-ive-made/

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