Sunday, May 23, 2010

When can you take money out of your bank account?

I'm 14 and want to take some money out of my bank account. Can i do it without parental permission? And also, will my parents be informed that i have taken money out of my account? Because they don't want me to, but i do and if they find out i'll get into trouble lol :) Thanks.
When can you take money out of your bank account?
It depends on what type of account you have.





Do you know if any of your parents sign on your account?





If its only you who has access to your account, then no, they won't be able to see a withdrawal, however it will show up on your statement which gets delivered to your house (unless you have a green account), and your parents might open your mail.





If your parents do sign on your account then they can find out most things. However they won't be informed ie. they wont be given a phone call or a letter telling them that you've withdrawn money, but if they rang up the bank or went into a branch and they asked, then they would be told that someone who signs on the account has withdrew money.





I hope that helped.
Reply:you have to ask yourself is the money really needed or are you just spending it "just because" and as the previous reply-er stated some accounts have a safe guard on it. all accounts have an account statements that comes monthly,and if you parents are smart they check the account bi weekly to check balances and interest. bottom line just leave the cash there saving is good no matter how bad you "think" you need something.
Reply:It depends on how the account is setup, if they are the custodian of the account they might get a statement showing a withdrawal. If your name is on the account you can withdrawal money anytime with no permission.
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