Chase BankNew

[lostfunds1]

What is the name of your state (only U.S. law)?

New York

If someone is guardianship of a minor childs saving account, can the bank legally take those funds set aside for the minor child if the guardian cannot pay their bills? I thought whatever funds were in there for a child, cannot be used against a parent/guardian's debts. please advise, 2 bank accounts for minors were wiped out by Chase,

[Antigone*of*Greece]

Originally Posted by lostfunds1

What is the name of your state (only U.S. law)?

New York

If someone is guardianship of a minor childs saving account, can the bank legally take those funds set aside for the minor child if the guardian cannot pay their bills? I thought whatever funds were in there for a child, cannot be used against a parent/guardian's debts. please advise, 2 bank accounts for minors were wiped out by Chase,

It depends on how those accounts were set up. How were the accounts titled and what type of accounts were they?

[uquillas06]

It depends on how those accounts were set up. How were the accounts titled and what type of accounts were they?

The above is correct, the accounts had to have been set up on the child SS and even if they were set up correctly the bank can still freeze the accounts until the child turns of age or you pay your debt.

[haplesshome45]

If the Bank knew, at the time the accounts were set up, that the funds deposited were intended for the benefit exclusively of the child, and with that knowledge set up the accounts in a manner that then later provided a conduit for the Bank to seize those funds to inure to its benefit in its claims against the parent, with particularity if the Parent(s) were already borrowers at the Bank and the Bank could foresee looking for additional sources for repayment, then the Bank is going to have problems, certainly some exposure. Perhaps someone more experienced in this area of law could explore this train of thought further?

[haplesshome45]

[quote=uquillas06;2402638]

The above is correct, the accounts had to have been set up on the child SS and even if they were set up correctly the bank can still freeze the accounts until the child turns of age or you pay your debt.

Or until the guardian of the child Motions a Court to release the funds for the needs or benefit of the Child, and the Court intervenes. Just so that no casual reader concludes that the Bank's unilateral actions are cast in concrete for eternity.