Minor on checking acct.

[325Falcon]

So I have a checking account that I have had for 15 years. This account has a overdraft loan that will be included it our BK.

Two of my kids names are on this account, because I recieved SS survivor benifits for them while they where minors. In order for direct deposit of said benifits, thier names had to be on the account. The kids never had any athority over the account.

Well now the kids are "adults" and thier names are still on the account. They still do not have any athority over this account (I think). When I say thier names are on the account I mean the names are on the bank statements that I get but not on the checks or the debit card.

Any ideas as to what kind of issues might this bring up?

[HeatherB]

I'm not really sure of their liabilities. I would, however, suggest have an open bank account with someone else before filing. Once you go into Chexsys, it is pretty hard to get a bank account afterward. Chances are that the bank you are with currently will no longer wish to keep you as a customer.

[magyar123]

Since they are adults now, have them open their own bank accounts. And then go to the SS office and change the banking information. Or they can open their own accounts, and when the automatic deposit hits your account just write each of them a check for half the amount, and let them deposit the funds themselves.

[325Falcon]

This checking account is no longer used but remains open due to the OD loan. The kids are adults now so they dont get survivor benifits any longer.

[SinkingFast]

You might wanna check into this further. The kids could be "co owners" of that acct.

We set up bank accts with our kids while they were in High School. Because they were under 18, we had to be on the accts. The way our bank set up the checking accts, we are joint. Our names aren't on their checks. We don't have Debit Cards for their accts. But we can go to the bank and withdraw or deposit funds, and even close the accts if we want.

Make sure of your kids' status on that acct before you go any further. You might wanna check into having their names removed from the acct now that they're adults. If they are joint on the acct with you, and you include that OD in your BK, the bank could go back to your kids to pay the debt.