I didnt know this and you might not either. re bank accounts opened for your children.

[mckenzie]

DS's god father kindly opened an account for him when he was christened and put some money in it. We've been adding to it over the years (Christmas money, birthday money etc).
Ds is now 16 and so today we went to update and close the account to move the money to an account that he can access via a card and discovered that only the god father can do anything with the account.
Luckily, we are still able to contact the god father (even though he has chosen to not play any role in DS's life) and I don't think it will be an issue (I certainly hope not as it's a decent sum of money we're talking about).

I thought I was quite money savvy so I'm surprised I hadn't foreseen this issue and not paid so much of DS's money into the account but hey ho.
Just thought I'd mention it.

How odd. I was told specifically by Lloyds that it doesn't matter who opens the account, ultimately the parents have the control.

I wonder if the rules have changed Milk as I'm a bit of a control freak and so I'm really surprised I continued to put money into an account that ultimately I have absolutely no control over and neither does my DH or DS himself.

I thought only parents could open accounts for their children.

Apparently anyone can open an account for anyone providing a birth certificate is produced. .
Just found out my exh has effectively been money laundering through accounts he holds for MY dc.

Have reported him to the bank and for fraud. .

I used to work in a building society, and this is true. It caused a few issues when one parent had opened the account, was now estranged from the child and refused to allow access to the money.

It's a weird sort of limbo. I am the signatory on an account I opened for DD. Technically, the money is DD's. If I wanted to withdraw it, I could only do so if it was a) for her benefit or b) in a cheque/transfer to another account in DD's name. However, even when DD turns eighteen, unless I make her a signatory on the account, she will not have access to the money without my signature and my authorisation.

It's important - it's to prevent fraud, money laundering and people using children's accounts to gain higher interest rates on their savings - but it needs to be advertised better to everyone involved in the process.

On the flip side of this, my Mum saved for her grandchildren, and the two younger ones have accounts in their name that only they can access, now that Mum has died. So my brother is in the position of having to take two teenagers into the Building Society to find out how much money is in the accounts in their names. Hope it doesn't prove to be too healthy, and tempt them into travelling the world before time!

Apparently anyone can open an account for anyone providing a birth certificate is produced

This is also true.

I thought it was common knowledge .

My bank would not allow me to open an account in DDs name at birth because of this. They suggested other more family friendly accounts instead.

I've spoken to the Halifax and they've confirmed that the godfather, as the controlling adult, is the only one who can touch the account as it's in his name followed by TEE Master Mckenzie. (what does the TEE mean I wonder)
Nowadays apparently the account is in the child's name but still has to have a controlling adult.

Fingers crossed we judged the god father right all those years ago and he doesn't do a runner with the money

It means trustee, and yes of course you can't access it, you're not the trustee

I've spoken to the Halifax
I thought the Halifax name might pop up. They seem to make things far more complicated than they need to be.

This is interesting. And I have just set up bank accounts for our DC and made both me and DH named signatories, it is good to know we would both have a say if we split.

If he opened the account as a trustee, then yes, the godfather needs to go sign, and close the account.