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I am a 16 year old, who got their first job at 14ish, and ever since have had my own debit card with my own name on it, and all the money I have earned from work, gifts, etc. have been on there. I have direct deposit pay checks, and I save most of it for a car I want in the future. I feel I am reasonable with my money and I understand the importance of saving it. I have had no issues whatsoever with it. My parents decided both to take my debit card away and to transfer all my 5k into their account and not give it back to me. I have fought this, but there isn't much I can do. I am looking into this on the legal side of things, and I'm wondering if this is legal or not in the United States, for a parent to simply take away all the money their child has earned by their own work.

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1 Answers1

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You must confirm with your banking institution that the account you have with them is solely in your name. There is a very good chance that it is not, which would mean that the account is joint-owned until you reach 18 years old.

Ownership of an account implies that one can deposit and withdraw money at will, with no need to justify or rationalize the action.

There could be other implications to be had around them just taking the money and not giving it back, but it starts with confirming that the bank account is, as you state, yours and yours alone.

Makoto
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