I have a custodial savings account for my daughter. She went to open a checking account at the same bank. They set her up with a checking account that some how attached to her custodial account without my signature or permission. She used all of her savings and ended up overdrawn over $400, with a fee included. Is there any thing I can do?
This is a difficult situation, because if you file a claim against the bank for wrongfully paying the money out to your daughter, the bank could, if it has a legally binding contract with your daughter, pursue recovery from her. That could increase the amount she owes the bank from $400 by adding the amount transferred improperly from the savings account.
Before contacting the bank, check with the Legal Aid office in your city or county. You may want to know what the bank's legal options are if you decide to attempt a recovery from it.
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This is a difficult situation, because if you file a claim against the bank for wrongfully paying the money out to your daughter, the bank could, if it has a legally binding contract with your daughter, pursue recovery from her. That could increase the amount she owes the bank from $400 by adding the amount transferred improperly from the savings account.