My son went to set up an account with US Bank. He is having the money he earns from his job directly deposited into the account.
I found out that the account was set up as a joint account with my sister who was also at the bank at the same time doing her own banking, but she set up the account so that only she can access it. What is the law with regard to a joint account being set up for a minor without the legal parent being aware of this situation?
State laws on bank accounts for minors vary widely, and banks have their own policies on the types of accounts they will offer, and in the case of accounts for minors, requirements concerning adult co-ownership.
A joint account doesn't restrict access to only one owner, so it is doubtful about the type of account that the bank actually opened for your son. It may be that the bank won't permit a minor to open an account on his own, and your sister was a convenient adult to get involved to get the account opened. Ideally, she should not have allowed it to happen without consulting you.
Find out from your sister exactly how the account is set up. Is she a co-owner with your son? Can your son access his funds in the account without her approval? If the terms of the account aren't satisfactory, work with your sister and the bank to get things made right.
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State laws on bank accounts for minors vary widely, and banks have their own policies on the types of accounts they will offer, and in the case of accounts for minors, requirements concerning adult co-ownership.