I am trying to help out my older brother who has just come into some money. He’s not too good with money, and will spend it until it is gone. He asked me if I would manage an account for him. I was going to put some of the money into low risk CDs and just leave the rest in a savings account. Is there a way to make the account inaccessible to him, as far as withdrawing money, without me being present, so that if he were to go to withdraw money, he would not be able to do it unless I was standing right next to him. We live in Chicago and he is in his mid 30s.
Untitled
You may be able to locate a bank that will open a "two signatures required" account, either as a certificate of deposit or as a savings account. Because of the risks involved, fewer and fewer banks will accept such accounts, however.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
You may be able to locate a bank that will open a "two signatures required" account, either as a certificate of deposit or as a savings account. Because of the risks involved, fewer and fewer banks will accept such accounts, however.