I'm 21 years old and my parents have full control of my bank account. How is that legal?

[AlexTheUseless]

I have 2 different bank accounts, one is a checking account that my mom set up for me when I was 18 years old. I called today about if my mom has access to it since she set up the account, and the person on the line said she does but that I can easily move the money into a new account if I want to and she wouldn't be able to access it. However, I have an account at another bank that I thought was a savings account. I went there today, and they told me that what I actually had was a CD (I believe it stood for certificate of deposit), which I had never heard of before today. They said that not only is the account locked until an undisclosed date, but even though my name is on the account, I'm not allowed to withdrawal from it or even check the balance. They also can't tell me the date it's locked until without my mom being there. What really gets me is that all the money in there is from checks I was given by relatives from before I was 18 for Christmas/birthdays, and they were definitely written to me and I signed them and everything. Is there something I'm missing here? Because it doesn't seem like that should be legal. Sorry if this is the wrong place to post this thread, but this does all revolve around the fact that I'm going back to college next week and my parents are threatening very last-minute not to pay for it, so I've been panicking and I just need to vent.

[PSY]

I had to create a new bank account when I turned 18, because my mom was a joint owner for my checking account and therefore had control over all the money in it. So first things first - create a new bank account and transfer all the money you can currently access to it. Next, you might want to drop by the bank and talk to someone in person. CDs generally are supposed to be left alone until they mature. The idea is that you collect interest while you leave the money untouched. There's nothing illegal about that. If your mom set up that CD, though, using the money you initially put into a joint bank account, then you'll want to talk to someone in person in order to find out what you can do to get that money back once the CD matures. Worst-case-scenario, you may be able to get the police involved. With today's technology, someone can probably figure out where the money came from before it was put into the CD. There may be photocopies of the checks you signed, proving that the money does indeed belong to you.

[Philomath]

I had to create a new bank account once I turned eighteen as well.
Your mom may not react in the best way with you taking control of your finances but if you need your money and you know you are doing what is right for you than the choice is yours. You are 21 so you are able to make this choice.
I do not know much about CD's but you can make an appointment with your bank or just walk in and discuss this with someone. It may be hard to get control of the CD however as Robin said, you should be able to find people that can help you do this.

[AlexTheUseless]

Do you know if I can though? The bank actually told me that I legally could not access the money, even when the CD matures. Could I get the police involved, or is she legally in the right even though all the checks were made out to me?

[Philomath]

I am unsure about you being able to access the CD, as I have never had a CD and I do not know if anyone in my life has so I am unable to ask them about it. To figure that out, the best thing you could do is explain your situation to the bank and see how they can direct you.
I do know that you should not have any trouble getting the bank account in your name. You will be sent a new debit card, get a new account number etc. but that is the only way you will be able to get your mom's name off of the account.
I really did not want to have to have my family receive the mail that I put my account in my own name, however, the only way they can remove someone's name is if they are no longer alive. So the only option is to close the account and open a new one. I think that is stupid but that is just my opinion and what I was told by the woman at the bank I go to.

[Lelola]

It's standard to require parents to be on the account with minors. The issue is when kids overdraw their account, they can hold the parents' responsible. What you should do is to open a new account. As for the CD, I think you should talk to your mom.

I would also see if you can transfer your money over to a new account from the checking.

CDs are basically accounts where you usually get a higher interest rate for keeping the money in the account for X amount of years with steep penalty fees if you withdrawal from them. The CDs are usually useful for longer period of times in a CD ladder, but the return rates are crappy right now. Like you have 1,500 spread out around 3 accounts with one expiring in 3 years, one in 6, and one in 9. When one comes due, you renew for another 9 years so every 3 years, one account comes due. That's just an example. I think I was going to do one in 2, 4, and 6 but the returns suck.