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Original poster

breach of confidentiality

11 replies

spilledthebeans · 14/03/2021 20:23

Hello

I wonder if I should complain about this or let this issue go?

DH and I and grandparents have saved for our child each month since birth. They are shortly going to be 18 and so will have access to the money.

We wanted the reveal on their 18th birthday - their gift

The bank we have saved with wrote to us confirming that DC would soon be able to access the money and they would be in touch with DC about the account but the letter confirms the balance in that account will not be revealed ahead of time; the 18th birthday.

However when I mentioned to our DC that there is a savings plan in place that would help with Uni, our DC revealed that, when they had opened up their current account with the same building society a few months ago, the BS had linked the two accounts and so they knew their balance. They had thought it was a mistake so, apparently, hasn't accessed the balance since.

I asked DC to show me and sure enough, the savings account balance, that we have added to each month, is available on DC's mobile.

We are so disappointed that this birthday gift, that has meant so much to us for 18 years has been revealed to DC. I suppose I want to bring this matter up but am unsure what that would achieve.

OP posts:
PantherPantherus · 14/03/2021 20:44

You have legal title to the account you set up. I would be horrified the bank disclosed it, but if there is no formal trust as opposed to a bare trust I am not sure what you can do. Ask for the account Terms & Conditions and any variations since inception.

frugalkitty · 14/03/2021 21:02

I've had something similar from nationwide recently, I think the gist of it is that if it's an account in their name, they have access to the info. Had you saved it in your name they wouldn't know. I found when my eldest DS opened his first flex account it linked his Isa (was child trust fund originally) to his accounts.

frugalkitty · 14/03/2021 21:05

It was an email I had. I must admit, I have no idea if this was in the terms and conditions when I opened the child trust fund 18 years ago Blush but it's certainly the case now. Sorry, I know that's not much help to you now.

breach of confidentiality
dementedpixie · 14/03/2021 21:10

If the account is in their name then its their account and will be available to see on their online banking. Its not a breach of confidentiality if the account is in their name rather than yours

Original poster
spilledthebeans · 14/03/2021 22:34

Thank you for your replies. frugal yes, it is also the Nationwide.

So no breach as it was set up in DC's name. We have misunderstood that things would be confidential until he came of age to access it and hopefully see him through his Uni years.

Such a shame though.

OP posts:
ScarfaceCwaw · 14/03/2021 22:40

...it's the child's account. That it would be kept confidential from them is an absurd idea, even if they don't fully come into possession/control of it until their 18th birthday. Especially not for the sake of a "birthday surprise".

Original poster
spilledthebeans · 14/03/2021 23:15

The trust fund annual paperwork that is sent in the post has always been addressed to us not DC. We manage the account on-line and when we transfer money it is under 'move money into one of your nationwide accounts' so yes, we considered the account was being held confidentially between us and the BS until DC reached 18. No information had been sent to DC until he opened up his own account in the same BS and they linked the two accounts.

Thank you for so graciously pointing out that isn't the case.

OP posts:
frugalkitty · 15/03/2021 08:17

spilledthebeans that's exactly the case for us, while I knew the kids would have access to their money from 18 and I think have some kind of access/info at 16, up until DS opened his account everything came addressed to me etc. There isn't much in the kids isas (a couple of grand or so) but as you say, it would have been a lovely birthday surprise for your child. Never mind, irritating as it is, I hope they still appreciate your efforts!

fromdownwest · 15/03/2021 09:49

The major downside with JISA's.

The donors lose ALL control when the child turns 18, so in essence, they could spend it all on a hell of a week in Ibiza!

That is why lots of people, use trust planning with the parents as joint trustees when looking at providing gifts to GC

sleepyhead · 15/03/2021 09:57

This happened to me years ago. I went into the bank to discuss my accounts and they showed me the accounts they had in my name on the screen, one of which was a joint trust account with my db which I knew nothing about. It had a few thousand in it.

I was clear to the advisor that it was nothing to do with me and that my parents would have told me about it if they'd wanted me to know about it, but he said that as it was in my name it would always come up if a list of accounts I was associated with was produced.

Still don't "officially" know anything about it nearly 30 years on!

Original poster
spilledthebeans · 15/03/2021 20:50

frugal thank you and yes, he really does appreciate it as he has seen us working long hours, taking on overtime in order for us to go on holiday over the years etc. I'm so glad he will never have to worry about how to pay for his food or taxis etc.

fromdown, I have read this too, on MN, in fact. So far he has been very sensible with his pocket money. I hope this continues.

sleepy gosh that is very strange indeed. One day, I'm sure you will come of age and gain access (after at least 30 years of patience and mystery)

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