Secret bank accounts

[Justmadeperfectflapjacks]

Just found out my exh has bank accounts in 4 of my dc names. He isn't their df and has no parental responsibility. The bank are looking into it but can I do anything else? Marital home is being repossessed next week as he hasn't paid a loan secured on it. He went bankrupt 3 years ago and can't imagine he declared the savings accounts!
TIA. .

What exactly do you want to do?
How much is in the accounts?
How much debt is causing the house to be repossessed?
When/how exactly was this debt taken out if he went bankrupt just 3 years ago !?

are your DC under or over 7 yrs old? If they're over 7, they can (with most banks) apply to manage in their own name so hopefully they've jsut got themselves a decent windfall.
Gather together all birth certificates and proof of address for them and deal with the bank. Good luck. (is this YOUR home that's being repossessed? or the one he's now in?)

Loan from when we were together(10years ago) for a car for him so he was going to pay it when we split. Joint home he lives in. He claims benefits which if he has savings he would need to declare. I have been to bank today and told its nothing to do with me!! They will look into it but won't tell me how /when or the outcome. I don't want the dc names involved in his dirty dealings. Ds is over 20 and can't access it without his permission apparently. .
How can anyone just open a bank account for someone else with no repercussions?

I suppose legally it's the same as if he put the accounts in his next door neighbour's name, without permission. The bank wouldn't tell you in that case, either.

How much was in the accounts? Was it enough to pay the loan secured on the house?

What an awful situation - you're really seeing his true colours.

DS is an adult and therefore controls his own financial affairs and has no need whatsoever for any third party consent to access an account in his name. He needs to get on to the bank and deal with it.

(I'm really confused by the rest - you still have joint loans and him living in a hosue with a joint mortgage even though you're not together?? surely not...)

Children over 7 cannot apply to take over accounts. Accounts with trustees are subject to Trust law and can only be signed over by the trustee.

You don't have to have parental responsibility to open an account for a child (the beneficiary) and the trustee (who operates the account) can be anyone so long as they can provide the correct ID for all parties. However, like all trusts the money belongs to the beneficiary and must be used for their benefit only. Therefore I don't think it would form part of the estate for bankruptcy purposes or for his personal debts because the money doesn't belong to your exh.

If he is laundering his own money using accounts in your children's names that's different. The bank should report this to the relevant authorities but will not be allowed to tip the account holder off.

They won't tell me any details. .
I went into the house yesterday while he was at a funeral. . I saw a bank statement which showed he withdraws £250 every other day. He is obviously going to be flush when the house is gone. Friend suggested informing the council as he will have to present himself homeless and claim more benefits. Who would I contact regarding the bankruptcy? He had to declare savings for terms of the payment amount he pays to cover that. £150 a month to the courts I saw on a statement.

it depends on the terms of the trust deed ie the account terms / conditions and many banks allow children over 7 to take control. Since the "child" is well over 18 however, it's more likely that the trust expired on him reaching his majority - but it will depend on the terms of the trust deed which is why this adult shoudl be making his own enquiries of the bank.

X-posted with you op but the main point remains this is not your ex's money. It's not yours either and because you're not the trustee the bank cannot and should not discuss it with you.

Unless the accounts are not held in trust in which case my advice is different - can you clarify please?

Yes Katy, the banks will allow a child to take control but the trustee has to give consent, even if the child is over 18.

I don't know about the bankruptcy or benefits but I know about the banking and bank account trusts.

Op, it sounds from your last post your ex is using the account to launder money. You could report to police.

I would also report to the bank's fraud department. The local branch should be making a Suspicious Activity Report and the regular cash withdrawals from a trustee account should have been flagged on anti-fraud software but those things don't always happen.

He is the named trustee. Just to clarify in no way am I after the money!! And def don't want my dc having any from him either. But he is using my dc to cheat the system. He has never bought or given them anything in more than ten years. He is stashing it for his own gain.

Ok, so I would report to the bank fraud department and also non-emergency police.

Be clear you are reporting money laundering. They should listen to you then.

I don't know about the bankruptcy administration or benefits but you could possibly also report to them too.

The bank should have noticed something was amiss. It's a common way to launder money - usually for tax avoidance.

How much is in there if he's taking out so much?

Thanks everyone. .
Will be telling the judge next week as we both have to answer why debts not been paid.

I agree, report him for suspected money laundering. He will then need to prove where he got the money from, and the accounts could be frozen.

and yes, tell the judge next week also.

If he is bankrupt he will have a Trustee in Bankruptcy whi desls with his affairs. Notify them as they will be very interested that he is attempting to conceal assets from them!