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Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7351
Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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When I was 17 I started a savings account and my parents had

Customer Question

When I was 17 I started a savings account and my parents had to have their name on the account because I was under 18 I had mad around $15,000 over a 7 year period doing 4-H and FFA and all of that money came from checks with my name on it and got put into the saving account. They told me that the money was to be used for college when I dropped out of school they took the money from the savings account and put it into an account of their own. Legally do I have any right to getting that money back
Submitted: 2 years ago.
Category: Legal
Expert:  Irwin Law replied 2 years ago.
The problem with joint bank accounts is that technically under most bank regulations, the money in the account belongs to any of the signers on it. Therefore the question of who has the right to the money has to be decided outside of banking law. A person who has had money of their taken away from them wrongfully can file suit to have the other person declared a "constructive trustee" of the money. The person would go to court and prove that the intention behind the account was that the money be reserved for your education, and that you are the person who contributed the money to that account. Even though the bank laws were not broken when the money was taken out, a court can declare The recipients to be constructive trustees for the benefit of the true owner of the funds. Please consult with a local attorney because state laws vary.
Expert:  Irwin Law replied 2 years ago.
HELLO AGAIN. I hope that my Answer has been helpful. If you need more information, please send me a Reply. If not, I hope that you will enter a positive rating for my Answer so that I can receive credit for assisting you. Thanks again for using JUST ANSWER.