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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Is my ex planning banking fraud?

11 replies

NosyJosie · 02/10/2023 21:01

My DD is turning 18 in a few months. Her child savings (a small fund in trust and a building society account which he has had control of for ten years) will therefore be coming to maturity. I have no idea what this money looks like now as her dad has managed the account and we don’t speak. The savings is largely money gifts from his side of the family so arguable none of my business either but I have a bad feeling here:

When I asked him for statements some years ago he was super aggressive and part of me wonders if he’s borrowed a bit along the way.

AIBU to think this would be banking fraud?

Her dad has recently told her that he might not allow her to have the money because “she be sensible about how to spend it and he wants to decide where it goes.”

Yes, he’s a controlling twunt and yes, she has been flakey in the past but has matured a lot in the past year.

How do I make sure she gets what’s hers as an adult and Is there anyway of checking he’s not skimmed her savings account?

OP posts:
awaitingroom · 02/10/2023 21:02

I don't think you can. If he has full control of it and set it up then it's up to him when/how much she gets

jimmyhill · 02/10/2023 21:04

Fraud? No. Theft? Maybe.

Candlelight34 · 02/10/2023 21:05

When shebis 18 does she not get full.access?

Maybe can see all transactions and the erm withdrawals....

Octobermeterreadtime · 02/10/2023 21:05

Actually I have just enquired about dd's own trust fund... Assume you mean the government one? Over 16 dd can apply to find it herself. At nearly 18 she will see the value herself and get it directed to her own bank account literally the week she turns 18..Google find a trust fund.. Need dd NI number.. Done dd's today!

YouveGotAFastCar · 02/10/2023 21:07

What is the actual account set up? If it's in a child account that matures at 18, like the government set up and put a contribution in for a while, then they'll write to her just before she turns 18 and tell her about the money and how she can withdraw/transfer it to another account. He will not be able to stop her from having access to that, it becomes hers once she turns 18.

If it's an account in her name with him as party to it, he could move the money. It's not usually set up this way anymore; though.

If it's just a savings account that he opened and has called "X's savings" or whatever, then he has full control over what is in that account until he hands it over to her. It would be morally wrong for him to take money that had been saved for her and use it; but not legally wrong, as the account is his.

As others have said; it'd be theft and not fraud in any case.

Twentypastfour · 02/10/2023 21:07

Most children’s savings accounts aren’t actually “theirs” - they belong to the adult and the adult can add and remove money as they wish. They (the parent) also need to be paying tax on the interest as it is counted as the parent’s money.

So it would be perfectly legal.

There are accounts that would be ring fenced for the child, like an ISA, but it’s very (very) hard to remove money so I can’t see how he’s been doing that.

Original poster
NosyJosie · 02/10/2023 21:08

Candlelight34 · 02/10/2023 21:05

When shebis 18 does she not get full.access?

Maybe can see all transactions and the erm withdrawals....

I assumed, rightly or wrongly, that she will have full access from 18 to the savings from birthdays etc.

The small amount in trust said 18 in the paperwork so he should not have authority over that in anyway.

OP posts:
ZeroFucksGivenToday · 02/10/2023 21:09

It's a difficult one. I have an account for my daughter, that I control fully (she's 10) . In my head, there's £5k in it ringfenced from inheritance/gifts. But another £10k I've added. I sometimes dip in and buy things for her from it, for example if she's having a really expensive month hobby wise and needs new kit, comp fees, and some weekend stays then I may use a hundred pounds here or there.
j also fully intend to take most of it out at 15 and put it in another account she can't get access too, tne intent being she doesn't land with a projected £25k to go and blow. I'll leave her a few thousand in it and the rest will come later.

but I also know if I lost my job etc, and I needed that money (not the ring fenced amount) then I'd use it.

I don't see your ex has done any different really.

awaitingroom · 02/10/2023 21:10

@Octobermeterreadtime
My dd has a child trust fund set up by government she is nearly 15. I forgot all about it. How do I go about finding out about it and does it add up to much and can I combine it with a saving account I have set up for her

Twentypastfour · 02/10/2023 21:12

NosyJosie · 02/10/2023 21:08

I assumed, rightly or wrongly, that she will have full access from 18 to the savings from birthdays etc.

The small amount in trust said 18 in the paperwork so he should not have authority over that in anyway.

Show quote history

But where is the birthday money? What kind of account?

It’s probably just a standard child savings account that actually belongs to the adult?

Original poster
NosyJosie · 02/10/2023 21:13

Twentypastfour · 02/10/2023 21:12

But where is the birthday money? What kind of account?

It’s probably just a standard child savings account that actually belongs to the adult?

Show quote history

I actually don’t know where it is now. He’d move the money to a better deal when we were together and assume he’s continued to do so since.

OP posts:
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