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Adding a dependent to bank account

Discussion in 'Banking, Finance, Investments' started by dblwall, Sep 9, 2020.

  1. dblwall

    dblwall Law Topic Starter New Member

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    Jurisdiction:
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    My wife and I are getting our affairs in order, as we are both retired. We have a beneficiary deed and want to add our daughter to our credit union account. We filled out all the forms and received a response that we couldn't. "We apologize for the delayed response. After further review, at this time, we will not be able to add XXXXX XXXXXX as a joint owner do to her Chexsystems account.
    If she has any questions regarding her Chexsystems record she can contact them directly by visiting their website, or by telephone.

    What I'm having trouble understanding is it's our account, how can they deny us the right to add a family member?
     
  2. adjusterjack

    adjusterjack Super Moderator

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    The how is explained by the did.

    Apparently, your daughter has a record of poor financial decisions and the credit union people are correct in keeping her off the account. The authority for that is probably in your account holder's agreement that you got when you opened the account.

    Instead of a joint owner, just make her the beneficiary so it becomes her money when you both die. You should be able to do that with your credit union.

    Her Chexsystem problem is not the only reason not to have a joint account with an offspring. Read this:

    11 reasons why you shouldn’t add your son or daughter as a joint owner on your bank account or add them to the deed to your home
     
    shadowbunny and justblue like this.
  3. dblwall

    dblwall Law Topic Starter New Member

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    Tried to post a pic of response, wouldn't allow me so here is their reply.

    Number of address changes in the last 12 months 1
    Number of address changes in the last 60 months 2
    Total number of properties owned 0
    Wealth index 0 being low 6 being high... 0
    Total number of non-derogatory record...5
    Total number of public derogatory records...0
    Total number of lien records (both filed and released ) 0
    Total number of released liens...0
    Total number of bankruptcy filings...0
    Total umber of evictions...0

    So can can you point out the poor financial decisions?
     
  4. army judge

    army judge Super Moderator

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    The person you're attempting to add MIGHT have Chexsystem reporting some derogatory information on her.

    Bank/financial institutions can deny service to anyone for any number of reasons.

    These various "services" have a myriad of reasons used to deny accounts to people.

    You are free, however, to change your banking relationship and find a bank that will permit YOU to do all that you desire to do.

    Competition and capitalism allow us to do what the "potent peepulls" wish to inhibit us from doing.
     
  5. adjusterjack

    adjusterjack Super Moderator

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    No.

    There is either something there that the CU doesn't like or, like many bureaucrats, they are pointing to something over which they have no control to avoid having to admit that it's some bureaucratic whim.

    Still, you are better off having her as a beneficiary and not a joint owner.
     
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  6. zddoodah

    zddoodah Well-Known Member

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    Why would you want to do that? Making her a joint owner effective gives her all of the money in the account immediately? Why not, instead, designate her as a pay-on-death beneficiary?

    "The right"? The relationship between a bank or credit union and an account owner is a contractual relationship. It as nothing to do with legal rights. Unless the credit union is refusing to add her because of something like race, ethnicity, gender, religion, etc., it has the unfeterred ability to refuse to do business with anyone. Also, the "how" form of the question doesn't make any sense.

    When you asked the credit union why it doesn't want to add her, what response did you receive (beyond what you put in post #3 in this thread)?
     
  7. dblwall

    dblwall Law Topic Starter New Member

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    Thanks for all the replies, I'm supposed to get a call from someone who will explain what the reason is. Here is the funny thing, I've belonged to this credit union for 43 years. Never had a problem with them. When my daughter was in college she opened an account at the same place. When you open the account it cost you $5 which is non refundable. If you quit using the account that $5 stays there an it becomes inactive.

    Maybe because of that they aren't allowing it.
     
  8. adjusterjack

    adjusterjack Super Moderator

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    Until you did. I was with my bank for 30 years and never had a problem until some convenient services were eliminated. I moved to another bank. Maybe it's time for you to do the same.

    However, it's still a bad idea for anybody to have a joint account with a son or daughter.
     

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