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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To be annoyed that Nationwide told our 10 year old that we have X'000s in a bank account for him?

31 replies

OnlyTeaForMe · 22/12/2009 18:46

Grrr...

DS1 (age 10) has a savings account with about £150 in it - money from birthdays etc. He manages it himself with a passbook.

We went with him today to pay in some money from his grandparents, and while he was at the counter the woman said to him, "Do you want to have a chat about this other account - the one with £X,000 in it - 'cos the rate's changed and it's not earning much interest."

DH & I were . The 'other' account was opened in our names, but designated for him when he was 16/18 (can't remember) but we didn't feel that DS needed to know about it until he was older.
Now he wants to know all about it, and I don't think he is
a) old enough
b) responsible enough

Do kids 'automatically' become responsible for any accounts in their name at a certain age?

I think we will now need to move it!

OP posts:
PeedOffWithNits · 22/12/2009 18:50

I would be fuming - and am surprised it does not breach their own rules about customer confidentiality TBH, if the account is in your name till he reaches a set age - am assuming mail regarding the account comes in your name not his?

FolornHope · 22/12/2009 18:53

how much
spill it

diddl · 22/12/2009 18:57

If it´s in your name isn´t it up to you?
I would complain!

Original poster
OnlyTeaForMe · 22/12/2009 18:57

Yes - it comes to us in our names - we are the signatories on it, and I had assumed this would continue until we advised them otherwise.

DH jumped into the discussion when he realised what was going on, and tried to pretend that she'd made a mistake and it was HIS account, but she kept blithering on, so DS got the gist that something was up, even if he's not fully in the picture.

The last thing I want is him sneaking into town and buying £X,000 of Lego without us knowing

Idiots.

OP posts:
ILoveGregoryHouse · 22/12/2009 18:57

YANBU. I would be pissed off beyond belief. Can you tell him the teller made a mistake?

PandaEis · 22/12/2009 18:58

hi,

i would be annoyed too TBH. your DS is 10 not a responsible or authorised adult. if the account is not in his name then the woman on the desk had no reason to even mention the account to him!! IMO she has breached the data protection act and i would speak to the manager about it

i would just tell your DS that he can know about the account (as that is unavoidable) but he is not allowed access to the cash etc and answer his questions about it.

diddl · 22/12/2009 18:58

I would imagine though that once they become a certain age it automatically becomes theirs?

Tizzyjacko · 22/12/2009 19:00

YANBU to be annoyed but you still have control over the account don't you? You'll just have to explain that its for when he's older. say its to buy his first car, that usually works for boys.

Original poster
OnlyTeaForMe · 22/12/2009 19:01

Panda - the wording is something like Mr & Mrs OnlyTeaForMe FOR Mstr OnlyTeaForMe.

I'm going to call them tomorrow and find out what the rules are. If he now has access to it I'm going to move it pronto - and it will be their loss!

OP posts:
Original poster
OnlyTeaForMe · 22/12/2009 19:03

The thing is, I really didn't want him to know about it, or how much is in there. There's been a bit of chat between his friends at school in the past about how much some of them have got in bank accounts (from parents) and I don't think it's anyone elses business quite frankly, so I wouldn't want him to go off saying " Guess what, I've got...."

OP posts:
malovitt · 22/12/2009 19:03

I went into our local Nationwide branch and filled out the forms to change my son's Smart2save child's account into his own name when he was about 10. It had about £300 in it.

A couple of weeks later, a letter arrived from them addressed to him. He opened it, read it and asked me where all his extra money had come from?

They had given him my current and savings accounts and swapped my name onto his book.

He was delighted but I was none too pleased!

verytellytubby · 22/12/2009 19:05

I'd move the account to a different bank and write a stern letter of complaint.

Itsjustafleshwound · 22/12/2009 19:07

Is the common denominator in all this the useless Nationwide staff??

I would just tell him that you are keeping some of your cash in his name for tax purposes .... if he buys that is another story ....

PandaEis · 22/12/2009 19:08

diddl when money is placed in trust (or similar arrangement) the beneficiaries are not entitled to information about the account until they reach the age specified on the account by the trustees. in this case the OP said it was 16 or 18 yo that was specified so he wouldnt be allowed info to be given by the bank before that age. (this is from the strict DPA rules surrounding bonds and investment portfolios where i have worked in the past)

FabIsGettingReadyForXmas · 22/12/2009 19:10

Our children have five figures between them but they are unaware. It is in my name in trust until they are 7, in theory, but in reality they are not getting it until at least 18. I would be fuming if they had done this to me and would be writing a letter of complaint. Maybe.

Mongolia · 22/12/2009 19:13

Complain, formally, please. My ex MIL wanted to put a house in the name of DS to avoid inheritance tax. I fought it with teeth and nails. First because they would tell DS about it. Second, because how do I get him to get to understand the value of money, or to get his own money and become an independent adult, if he knows he would be getting thousands and thousands of pounds?

diddl · 22/12/2009 19:14

Yes I realise that, Panda.

I was thinking if you don´t give an age I wonder when it transfers,I wasn´t clear.

Or do you have to give an age?

Well, the age certainly isn´t 10!

PandaEis · 22/12/2009 19:20

do you have any paperwork for the account?? it might have the age your DS has to be prior to funds transferring into his name. i would definitely speak to the bank again and maybe consider moving the account to a different, more reliable bank.

PandaEis · 22/12/2009 19:23

diddl sorry for an average trust-beneficiary agreement you dont have to specify an age but when minors are involved there HAS to be an age set on a trust as the child is not legally able to sign trust docs for the transfer etc

uglymugly · 22/12/2009 19:26

I couldn't quite remember how things were set up when our two were youngsters, but PandaEis's posts recalled what the situation was back then. We did tell our two about the money that was held on their behalf, but only when we thought they were of an age to understand that.

The behaviour of the Nationwide teller is almost beyond belief. It is not that unusual for such accounts to be held by parents on behalf of youngsters, so she should have been well aware of that, and be sensitive to the fact that a 10 year old might not know about the account. Furthermore, she should have been listening to what Only's DH was saying and shut her mouth.

Only: In your situation I would write a letter of complaint, especially as PandaEis and Peed have raised the question of breach of data protection, if only to kick butt prevent someone else having to deal with the same situation.

kinnies · 22/12/2009 19:32

When my friend and I were 14, we discovered that a family member had put quite alot of money away for her.
We forged signatures and spent the lot on drink, pot and other good stuff!!

What idiots the staff were to let your son know about the money.

fanjolina · 22/12/2009 19:37

That is shocking. I would def complain

ChristmasCrime · 22/12/2009 19:55

As a ex-staff member, I feel I have to comment here....

If an account is held on behalf of the your ds then they shouldn't be talking about this account with him.

Please, please be aware that the staff are under so much pressure to sell that they will do anything possible to make a referral.

At one of our recent "warm ups" the branch manager said "I want 200% minimum from everybody. 120% just isn't enough. If you want to do 120%, just tell me and I'll transfer you to X or Y branch where they'll appreciate you"

My ex-colleagues are in fear of losing their jobs for not meeting the mark, yet they still stay there because they worry that they won't get another job anywhere else. They've have been disciplined for not hitting targets. There is a HUGE bullying culture there. Nothing matters to them except the targets. I used to love working for them but they've changed beyond recognition.

I'd advise you to complain about their pushy service.

ChristmasCrime · 22/12/2009 20:03

BTW you can hold the account in your (the parents) name until he reaches the age of 16.

I remember being about 14 at school and talking about how much our parents had in a bank accounts for us and how we could get hold of the money without our parents knowing about it. I've had a few incidents over the years where the children have tried to get money out of accounts which they weren't allowed to touch.

5Foot5 · 22/12/2009 20:17

Amongst all the outrage one thing you seem to have overlooked is that the woman might well have been doing you a favour by pointing out that you could get more interest if you invested it differently.

As to whether your son should know about it, that is obviously entirely your decision but the woman couldn't have been expected to know that you were keeping it a secret from him.

I am not entierly sure why you are worried about him finding out. Of course 10 is too young for him to be responsible for a large sum of money but if you are the signatories of the account then he can't get his hands on it anyway.

We have had a savings account for DD since she was small which she knows about and I show her the statements when they arrive but she has always been told it is for when she is "big", i.e. 18 or so.

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