I was wondering, if someone has a joint account with an uncle, or grandfather, how much power do they have over the money? For example, let's say Sally is 16 and her and her grandfather open a joint account at the bank. Now, how much money can Sally take out, and can the grandfather find out exactly where she spent it?
If it is a joint account they both have equal access. I don't see how the grandfather can find out where she spent it unless she used a debit card. He would have the same access to account information online or otherwise.
its good if you cant have your own acct but make sure whats yours keep record!!!!
If I was 18, I would name a parent or grandparent in trust on the account. (They could use the money if I pass away.) Sally's grandparents could not stop her from using the money anyway she sees fit, but they could withdraw it all if they were named on the account.
I work at a credit union. If the account is set up as a joint account both account holders have equal access to the information. You can set up the account so that both have to be present to make a withdrawl if you are concerned about the 16 yr old blowing all her money. You could also set up a trust account for her. That would give her no access. Sally could get her own account at any age in Canada.
if you have a joint bank account, the joint owner has the same amount of power over the account as the other owner so sally and her grandfather have the same amount of power over the account if you're just taking out cash, there's not way to trace it. but if you're using your debit card to make purchases, then yes, all of your purchases can be tracked once you turn 18, you can either open your own account or take your grandfather off the account
