I have a certificate of depositaccount with Citibank that is a Custodian Account. I am over 21 now. The depositor was my mom who won't give me the money. She wants me to close the account and then send the money to her. She is sending the bank a fax stating that she authorizes the closing of the account, and since I am the sole owner, I must close it. I want to know if once it is closed, can I do anything I want with the money or does the bank follow any instructions she may send?
Citibank is a huge bank, with offices all over the country. Whether or not you can deal directly with the bank now that you are at least 21 will depend on which state's Uniform Transfers to Minors Act controls the account.
The general rule is that the bank deals with the custodian, since he or she is the bank's customer. As for how Citibank will treat your mother's faxed instructions, you'll have to ask the bank that question. If you are convinced that your mother will take the funds for her own use, you'll have to decide whether you want to talk to a lawyer about taking legal action. Here is a link to a similar question and its answer, which may help you.
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Citibank is a huge bank, with offices all over the country. Whether or not you can deal directly with the bank now that you are at least 21 will depend on which state's 