General Question

carrie1023's avatar

Withdrawing money from a multiple name account?

Asked by carrie1023 (13points) August 6th, 2010

In our mid 30’s and getting married in 3 months. My fiance had his mother handling his fiances in the past and now it’s becoming a problem because she doesn’t agree with the money we’re spending on the wedding. Now she refuses to hand over or change any of his banking information. Does anyone know if he can withdrawl the majority of his money to open a new account even though both his parents names are on the account with his? We feel this is the only way to solve the problem since she refuses to remove her name from HIS money.

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17 Answers

WestRiverrat's avatar

It depends on how the account was set up in the first place. You should be able to, but you may have to be prepared to go to court to force her to release the funds.

wundayatta's avatar

Does it require more than one signature on each check, or can he write checks with only his signature? If the former, you have a problem, but if the latter, write the check and be done with it.

marinelife's avatar

I would have an attorney contact his mother.

RocketGuy's avatar

You two should open a joint account and put equal fractions of your paychecks into it. The acct with his mother – you should just leave it alone. Maybe he can figure out what fraction is actually his, maybe he can pull out that amount. Likely not. Good luck.

tedibear's avatar

If this is an account on which he is labeled a joint owner and it does not require two signatures for withdrawals, he can close the account and move on.

carrie1023's avatar

The money in his account is all his, she was playing the role as his “accountant”. But since she monitors the account it’s an arguement everytime we need to pay for wedding things since she doesn’t agree on the cost. It’s becoming a nightmare and a huge problem.

tedibear's avatar

@carrie1023 – If he is an owner & signer on the account, he can go to the bank and take all of it. Or, rather, all of it except whatever checks or debit card transactions are outstanding. Then, with appropriate ID he can open his own account.

WestRiverrat's avatar

Another option is to take his mother off the account. If he is the primary he can do this immediately. If she is the primary he will have to get her permission.

YARNLADY's avatar

If he can take money out of the account on his own, the answer is yes, he can remove it all and open his own account.

This is all assuming he is over 18. If he is a minor – then no.

Jeruba's avatar

He needs his own separate, independently controlled account, pronto. Or else you’re going to have a three-way marriage.

GingerMinx's avatar

If it doesn’t require two signatures and he can take money out of the account then he can take it all out. Otherwise he may have to seek a lawyer to get his money. I do have to wonder why a grown man has his parents on his bank account though.

Jeruba's avatar

Here’s one possible reason, @GingerMinx: because the account originated when the parent was funding the offspring. One person did the depositing and the other did the withdrawing. That’s how it was with my son until he graduated and got a job: I put in, he took out. Much quicker and more efficient than mailing him checks, and much more easily monitored than just handing him a credit card. I could keep an eye on his expenditures, and this was entirely appropriate when I was paying for everything. I could also bail him out fast in an emergency.

Once he was self-supporting, he opened his own separate account for his paychecks and expenses, and now he is using the joint account with me as the easiest way to repay loans I made him for special purposes. When all the dust settles, the joint account will be closed.

GingerMinx's avatar

@Jeruba Thanks, I can understand that but this man is in his 30’s and I see no need for his parents to have access to his account.

Jeruba's avatar

Exactly. Hence my previous comment.

GingerMinx's avatar

@Jeruba Yes I agree with you.

perspicacious's avatar

He can CLOSE the account and withdraw all of the money if he is one of the named owners of the account. His parents may have already done it. No notice to the other owners is required. Don’t fool with trying to write checks or make a partial withdrawal. Go get ALL of his money and then he can open his own account.

RocketGuy's avatar

If he stops putting money in, and only spends on “approved” expenses, eventually the account will be cleared of his money – minimal conflict. That’s where the new “no mom” account comes in – the place to put current income.

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