Name on bank accounts

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  • #61342
    caycolon
    Member

    Morning,
    I feel like this is a silly question but I’m uploading documents for my 1st intake and I realize I have bank accounts for my children in which I am listed as the custodian of the account. Do I need to disclose those accounts?

    Also, I am listed as a secondary account holder on two of my mother’s bank accounts. I have never deposited or withdrawn from her accounts. I was added as a secondary just in case of her death or if she was too ill and couldn’t access her money. Do I need to disclose those as well??

    Thanks for any insight you can provide.

    #61343
    Nelsont
    Member

    That’s a good question. Generally speaking anybody over the age of 18 is required if they plan of living in the house with you which would cross out your children. Since you are listed on their accounts as well as your mother’s what I would do is focus on yourself and bring printed out copies of all the other accounts just in case your MC asks for them. You will be able to hand them to your MC to scan in during your intake if they are needed.

    #61386
    TTrumble
    Member

    Hello caycolon,

    With regard to your mother’s accounts, I’m assuming that the account has her address on it. That being the case, bring those statements with a Letter of Explanation stating that you are only on there for emergency reasons as you did above. We should be able to exclude those accounts. The information will need to be there though because the bank will ask about them if we don’t already have the info in place.

    The children’s’ accounts are likely going to be a different situation. Since your name is also on the account, it’s going to be considered household funds, as opposed to their grandmother being listed as the custodian. Write an LOE about those accounts too.

    Just be upfront about everything and you’ll be fine.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #61391
    caycolon
    Member

    @ttrumble Thank you!

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