Submitted by Moonlight_Melody123 t3_10d2trg in personalfinance
I had my Bank of America account set up when I was a minor (16) so my dad had to co-signed.
Now I’m 23 and working full time and going to school full time. I’m making my own money, still living at home yet paying off my own little bills (credit cards, university tuition/supplies, phone bill).
Every now and then, my dad transfers money from my savings account (I’m trying to save up to put a down payment on a house) to his checking account. He doesn’t ask, he doesn’t tell me what the money it’s for, he doesn’t say thank you, etc. it’s feeling a little disrespectful. He’s been doing this since I started working my new job three years ago.
At first it was small amounts (less than $50) so I never thought much of it but recently the amount has been increasing. In the past 15 days, he’s already taken out $1200 from my savings account for god-knows-what. That’s a whole paycheck for me right there. I also got a notice from my bank saying that a 6 transfer limit has been reached and anything more than that would result in a $10 fee. I only transferred money once and it was to pay for my tuition this semester.
If he’s short on money and needs help paying a bill or whatever, I don’t mind giving him the money to help pay for it. All I’ve asked is that he informs me and he has not done any of the sort. I’m starting to feel disrespected.
I went to the bank to see what I can do and was told since he’s a co-signer, they can’t remove him unless both parties consent in person.
I asked my dad and he said no, went on a whole tangent about how much he spent raising me, he’s entitled to my money, etc.
I don’t know what to do. Do I open up a whole new bank account and transfer all my money into there?