Regular Contributor
masscredit
Posts: 215
Registered: ‎07-17-2012
Will MY Problems Affect My Kid's Savings Account?

‎10-10-2012 04:39 PM

I'd like to open a savings account for each of my kids. Seeing that they are minors, I was told that my name has to be on it also. I currently have a few tax liens, will they try to go after those accounts if my name is on them?  

 

Also, I had business checking account that had a negative balance when the company closed.  There was one check to many written and they covered it even though there was no overdraft protection ($1150.00). Do you think this will cause an issue when I try to open the accounts?  I tried to open a new checking account last year but was denied because of that. It came up in their ChexSystems report. 

 

So... do you think the above will be an issue? 

EX - No idea TU - 661 (Walmart 5/13/13 ) EQ - 684 (FICO -5/15/13)
Goal - 700 Club in '13!!!

My Wallet - Barclay's - $3700. Target - $3000. Cap 1 - $2500. Merrick - $1000. Orchard - $950. Walmart - $700. JCP - $200.

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Valued Contributor
GregB
Posts: 1,665
Registered: ‎05-24-2007
Re: Will MY Problems Affect My Kid's Savings Account?

‎10-10-2012 07:57 PM

#1 Maybe

 

#2 Yes

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Shogun
Posts: 7,372
Registered: ‎04-15-2011
Re: Will MY Problems Affect My Kid's Savings Account?

‎10-10-2012 08:34 PM

I would definitely try to fix that problem with Chexsystems.

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Regular Contributor
masscredit
Posts: 215
Registered: ‎07-17-2012
Re: Will MY Problems Affect My Kid's Savings Account?

‎10-10-2012 09:06 PM

If I remember correctly, that info reports for 5 years so I still have 2 1/2 years to go. 

 

A friend's husband is behind in child support to his first wife. Her (my friend's) tax return was taken to cover what he own and she had to fight to get that money back so I might have to do some research on this. Don't want the kids losing any $ if my name is on the accounts with them.

EX - No idea TU - 661 (Walmart 5/13/13 ) EQ - 684 (FICO -5/15/13)
Goal - 700 Club in '13!!!

My Wallet - Barclay's - $3700. Target - $3000. Cap 1 - $2500. Merrick - $1000. Orchard - $950. Walmart - $700. JCP - $200.

App free since 9/2012

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Contributor
TheConductor
Posts: 227
Registered: ‎07-24-2012
Re: Will MY Problems Affect My Kid's Savings Account?

‎10-11-2012 01:00 PM

Just to be safe, maybe the kids have an aunt/uncle/grandparent who could open the account for them?

 

 

Starting: EQ 626 (myFICO 7/22/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12) Current: EQ 665 (myFICO 2/13/12), EX 690 (CreditSesame FAKO 1/6/13) , TU 681 (WalMart 2/4/13) Goal: 700+ x3
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