How can I close my kids savings account at a credit union where I defaulted on an account without my kids losing their money?
Question Details: When I attempted to close my kids savings account at a credit union where I am the custodian of their accounts and also had my own checking account that I defaulted on, they told me they would take all the money in the accounts to cover what I still owe. I know it is not legal to seize the children's account to cover my debit but how do I close the accounts and get my kids money?
Your credit union cannot legally take another person's money (your children's) just because you may have defaulted on your own account.
I would write a letter to the branch manager of your children's account asking that they be closed and money presented you. If that does not resolve the issue, you then change the custodian of the children's account to another person and you then have that person close the children's custodial account and give you the money for such.
