View Full Version : UTMA Alternative?

April 3rd, 2006, 05:41 PM
Uniform Transfers to Minors Act

I've had issues with my parents ever since I got a job. At 15, I'm making 8 dollars an hour. I work full-time during the summer and part-time during the winter. I rake in a lot of cash for someone my age. The problem is - I made the mistake of putting 2/3 of what I made this past summer into my savings account. Then, my Dad conveniently broke to me that I can't take out what I put in. This made me angry because I worked hard for that money and it felt like I had done nothing but waste my time. We argued for at least 6 months. I tried to tell him that I wanted to save it anyway (hence, I put the money in there with the intention of saving it) but he wouldn't listen. He FINALLY "gave up my baby" a few weeks ago.

I found out (from my deposit ticket) that I have a UTMA savings account. My Dad banked me with Bank of America. Do you guys know of an alternative to a UTMA account that would allow me to manage my money independent of my parents? It doesn't even have to be entirely independent of them. I just want the ability to cash my checks, put money in, and take money out without my parents being present. I'd prefer to stay with Bank of America, but if I have to, I can switch banks.

One more thing. You think I'M the one who's out of line? I want to set myself straight if I am.

Stormy Eyes
April 3rd, 2006, 05:53 PM
You're not out of line. I recommend looking into being legally emancipated, if you really want to control your own finances.