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Trouble with Minor Opening an Account

My son (17) opened a bank account in New York without my permission. It seems they have his driver license number and SSN on file, but overlooked the fact that he is a minor. The bank's policy is that persons must be over 18 to open an account. Is this also law in NY or just the bank's policy? He has gotten a few overdraft fees and I would like to close his account altogether. Can he or I rescind/void his account contract?

There are specific provisions in the New York banking laws that permit a bank to accept a deposit account of a minor, and prevent the bank from paying the funds over to any other person. Accordingly, the bank can ignore your request to close the account, as the minor's parent. Banking laws are not clear as to whether your son can use the defense of infancy to void the deposit contract. If you need details on your rights and those of your son regarding the deposit account contract, talk with an attorney familiar with the laws of the State of New York.

Published on 1/14/09