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Custodial account

Discussion in 'Other Off Topic Forum' started by Teenferrarifan, Jan 27, 2004.

  1. Teenferrarifan

    Teenferrarifan F1 Rookie

    Feb 21, 2003
    3,017
    Media, PA
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    Erik
    Can someone explain to me what exactly one is and how it works? Both my stock portfolio and my savings account have my mom listed as a CUST. What exactly does this mean? and will that ever default?
    Erik
     
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  3. Teenferrarifan

    Teenferrarifan F1 Rookie

    Feb 21, 2003
    3,017
    Media, PA
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    Erik
    I don't really want to ask my parents they might think I am planning on going out and buying an f-car.
    Erik
     
  4. Texas Forever

    Texas Forever Four Time F1 World Champ
    Rossa Subscribed

    Apr 28, 2003
    44,456
    Texas!
    Ah, Erik... well, some things are best left alone. Just be happy that there is something there.

    DrTax
     
  5. 134282

    134282 Four Time F1 World Champ
    BANNED

    Aug 3, 2002
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    Carbon McCoy
    LOL, Dale...


    Erik, the account was probably set up when you were a little kid; i believe a custodial account is an account set up by a parent for a child; this being because a child cannot set up her/his own account... This is the impression i got when i went to the bank for my boss a week ago and tried to deposit a check in his account made out to his daughter... The bank kept telling me they would set up a custodial account, but i eventually got them to just deposit the damn thing...


    In other news, i got your IM yesterday; you were gone by the time i saw it... Just didn't want you to think i was ignoring you, it's been pretty busy around here...
     
  6. Teenferrarifan

    Teenferrarifan F1 Rookie

    Feb 21, 2003
    3,017
    Media, PA
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    Erik
    Thanks Dr. You know I asked my parents a few years ago and I remember them saying almost the same thing. I guess I will find out in time.
    Erik
     
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  8. Hubert888

    Hubert888 F1 Veteran
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    May 14, 2003
    5,376
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    Hubert
    your Mom has control of the account until you turn 18 years old. Then you can do whatever you want with the money because it is legally yours....even if your mom does not approve of how you spend it.

    *word of wisdom* ---- don't spend it all on the day of your birthday! :)
     
  9. Teenferrarifan

    Teenferrarifan F1 Rookie

    Feb 21, 2003
    3,017
    Media, PA
    Full Name:
    Erik
    Thanks Hubert wish I would have known this 3 months ago when I turned 18. :) Looks like I need to pay a visit to the bank!!!!!! Just kidding thanks for explaining it though.
    Erik
     

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