Oops...Another Savings Account

[DaisysMom]

I just remembered that my name is on my daughters bank savings account. It is used for her direct deposit for her job. I have never used it for myself, but am listed on it so that I can get her money out for her and pay a bill or something if she can't because of her work schedule. She is a nurse and works 12 hour schedules....she is 35 and lives with her child in another city close by.

The only deposits into it are from her direct deposit from work. I wonder if that will be a problem. I can get statements to show the deposits from her employer. She makes about 25 - 30 K a year and it would put me above the median test if I have to claim any of the money which is not mine.

Any advice or info?

D.....

[DaisysMom]

Also...there is never a large balance in there as she takes the money out to pay bills every time her check is deposited. She usually leaves $5 in there just to keep it open.

D.....

[DaisysMom]

Bump

[jktrading]

Yes it COULD be a problem. Trustees can freeze accounts. Personally, I would have your daughter open up a completely different account without your name, get the direct deposit changed, then close your mutual account. Nothing may come of it, but why take the chance that your daughters account could become frozen.