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  1. #1

    Thumbs down Bank Refuses to Release a Minor's Money to a Parent

    My question involves juvenile law in the State of: California

    My son's grandfather deposited $50,000 in a major bank (such as B of A) payable upon death (PUD) of the maternal grandfather. The grandfather died a few years ago. I went to get the money with proof my son lives with me, and I have legal and physical custody, my son's birth certificate, the grandfather's death certificate, our driver's licenses, and more. The bank said I have to wait until my son is 18 or I must go to probate court and become a guardian or conservator. That's crazy!!

    Talked to a probate attorney and he said this well-known national bank does this, while other banks do not. This bank won't even transfer the money to the Uniform Gifts account.

    Anyone ever heard of this? I don't want to have the expense, nor create a public record. The attorney said the court order from Family Law that I have legal and physical custody is all that's needed, and the bank is wrong.

    Does the bank have to show me their regulations on this topic?

    Any thoughts ?

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Bank Refuses to Release My Son's Money

    The bank doesn't HAVE to do anything, give you anything, show you anything unless a judge compels the bank to do so.

    Sorry, but it appears that the bank's policy for it's own protection (and the protection of your son) is to require a court order.

  3. #3

    Default Re: Bank Refuses to Release My Son's Money

    Quote Quoting adjusterjack
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    The bank doesn't HAVE to do anything, give you anything, show you anything unless a judge compels the bank to do so.

    Sorry, but it appears that the bank's policy for it's own protection (and the protection of your son) is to require a court order.

    But the court doesn't generate an order liquidating true funds, and in California I was told that having both legal and sole physical custody is the same or better than a guardianship.

  4. #4
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Bank Refuses to Release My Son's Money

    It's more than the bank POLICY, it's pretty much the law. A minor can not control such gifts and the PARENT is not automatically considered a valid conservator. It needs to be appointed by the court.

  5. #5
    Join Date
    Jan 2006
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    38,867

    Default Re: Bank Refuses to Release My Son's Money

    Quote Quoting Lucubrate
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    But the court doesn't generate an order liquidating true funds, and in California I was told that having both legal and sole physical custody is the same or better than a guardianship.
    Although flyingron’s post makes it clear you must have a court order placing you as conservator, you need to understand that when an entity does not act in the manner you believe is correct, stomping your feet and making demands gets you nowhere. Due to their refusal to act, your recourse is to act to seek a court’s order they comply with your demands.


    In short, even if they were legally wrong, it would take a court’s order to make them act properly.

  6. #6
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Bank Refuses to Release My Son's Money

    Quote Quoting Lucubrate
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    But the court doesn't generate an order liquidating true funds, and in California I was told that having both legal and sole physical custody is the same or better than a guardianship.
    Not when it comes to holding money in trust for a minor.

    Being a guardian (parent) for most purposes is not the same as a guardianship for a minor's money.

    Read the following page from the CA probate court:

    http://www.scscourt.org/self_help/pr...ets.shtml#over

    So, yes, you HAVE to go to court. No getting around it.

  7. #7

    Default Re: Bank Refuses to Release My Son's Money

    Quote Quoting adjusterjack
    View Post
    Not when it comes to holding money in trust for a minor.

    Being a guardian (parent) for most purposes is not the same as a guardianship for a minor's money.

    Read the following page from the CA probate court:

    http://www.scscourt.org/self_help/pr...ets.shtml#over

    So, yes, you HAVE to go to court. No getting around it.


    Excellent, useful, informative reply.

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