I am an 18 year old college freshman. I live away from home and pay for all my own expenses. My parents still want to keep control over my bank accounts and will only allow me to touch the money when they say I can. Is there any way I can get an "emancipation" for non-minors so that I will have legal financial independence?

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Question: I am an 18 year old college freshman. I live away from home and pay for all my own expenses. My parents still want to keep control over my bank accounts and will only allow me to touch the money when they say I can. Is there any way I can get an "emancipation" for non-minors so that I will have legal financial independence?

Answer: This is more a matter of your bank's policies and your parent's rules than it is a matter of the law. When you turn the age of majority, 18 years old in most states, you are legally emancipated. That is, the law views you as an adult and your parent's legal obligation to support you ends.

You should be able to open your own banking account at a financial institution if you are 18 years old, an account which you will have total control over as the sole holder of the account.

If your account with your parents is in their name, then they have the right to regulate your access to the money in the account. If you are a joint account holder, then most banks will not restrict your access to the account.

Comments
1 thru 3 of 3 comments	[ 1 ]
On 12/08/07 Sammy from NY said: you can juss go to the bank and tell them that your 18 now and u want the account in your name thats wat i did
On 01/24/05 angela from AZ said: to tell you the truth most all banks allow you to have full access to the account if your name is on the account wether it is a joint account or in your name soley. I have both checking and savings accounts that my parents got me when i was younger it was in both their names and mine and as soon as i turned 18 i had full access to it wether my parents liked it or not.
On 08/30/02 Ken from FL said: If your funds are in an account that requires more than one signature such as yours and one of your parents to withdraw funds that is a problem. If the funds are in your name alone but your parents refuse to give you your checkbook or passbook then you can take them to court.
1 thru 3 of 3 comments	[ 1 ]

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