Saving for my kid

swiftotter9 said:Honestly, I have to admit that at the social services office they didn't even ask why I was withdrawing cash or what I was spending it on, but I was acting pretty pissed off, so maybe they just didn't want to deal with me.😁
And I’ll never understand how this protects my kid's interests. It just sounds like another half-baked idea from some out-of-touch politician.🙏

As for whose money it actually is... sorry wearytrucker22, but it’s mine. My kid, my responsibility, my assets. This isn't some untouchable trust fund or a housing savings plan, and it's definitely not an "emergency fund" because life is hard enough as it is right now. It’s just basic savings for a child that gets topped up by child support a few times a year—it's entirely my call whether I save those amounts or use them.

It isn't just your kid, and it definitely isn't just your business.
To put it bluntly, every child is essentially future state property. They are a person that the government starts investing in almost immediately after birth via maternity benefits, then they provide free schooling and healthcare. But here’s the kicker: for everything that person consumes from the moment of conception, the government takes its cut. Roughly speaking, about 30% of everything that goes into a person's mouth goes straight to the state, and 30% of everything that comes out goes back to the state—only this time, it's not in goods, it's cold hard cash. That individual basically dresses the state in 30% of their life.
Once that person actually lands a job, the government doesn't just take 30% anymore; at that point, it's a fifty-fifty split.
And if you ever get a little heated and lay a hand on that kid, you'll quickly realize exactly who that child belongs to once the sirens of the police cars start wailing outside.
The state will slap you down and tell you, "No, no, no, you can't mistreat our future taxpayer." They're the only ones allowed to mess with them—not physically, sure, but psychologically.

restlesspanther11 said:I’ve been saving money ever since I was 15—just tucking it away whenever I can so I can buy whatever I want.
Most of the time we're talking small amounts, maybe like fifty bucks here and there, up to maybe $2,000 at most.
So, I had this sudden realization that maybe I should actually open a real savings account at a bank. After doing a little digging online, I decided I wanted to go with Wells Fargo. Now I'm just wondering what the actual process looks like. My mom went ahead and asked her sister—who works at the local Post Office—about it, and she mentioned something about needing some kind of paperwork to prove my parents won't just swoop in and grab my savings, blah blah blah... honestly, I didn't really follow all that part, and my parents aren't even making a big deal out of it. I actually promised them I'd cover the gas and bus fare if we have to head into town just so they can help me get this account opened. 😁 I am dead serious about this. So yeah, does anyone know the procedure?

Until you hit 18, your parents have to set everything up for you. They act as your legal guardians until then. The account and the savings are technically in your name, but you don't have full control over the funds. At Wells Fargo, they have decent accounts where parents can give you access to a debit card, so you can actually buy stuff at the store or pull cash from an ATM.🙂

The laws regarding children's savings accounts are actually quite strict; the real headache comes when you actually need to access those funds.
The principle remains the same for all these types of accounts: we accept the deposits, and you can contribute whatever you like, but once you want to withdraw the money, there is a specific procedure to follow.
The amount you are permitted to withdraw from their account on a monthly basis is strictly regulated based on the child's age.
For example, if you wanted to buy them a bicycle for their birthday for $1000, you couldn't just pull the full amount from the account instantly; you would either have to wait three months to withdraw it incrementally, or, if it's an absolute emergency, you would need to contact the local social services office to get official approval before the bank will release the requested funds.

After sitting on this for quite a while, I’ve officially decided to walk away from the idea of setting up a dedicated savings account for my kids.
Honestly, I just don't have the desire to deal with the headache of social services or legal red tape if things ever get complicated. I’m already looking out for my child every single day of the year—and we aren't just talking about eighteen years, but at least twenty-two or twenty-three until they wrap up college. There could be a moment where having that cash immediately available for their well-being would be much better for everyone involved than waiting until they hit their eighteenth birthday. If those situations never arise? Great! The money just sits in a standard savings account under my own name. But if they do come up, at least I can react instantly and use the funds without any hurdles... It feels like the potential risk isn't worth chasing that extra 0.5% interest rate. Besides, reading through the regulations makes it pretty obvious why banks offer those slightly higher rates; they are almost 100% certain nobody is actually going to withdraw the full amount all at once...

Starting a new thread because I've had it!!!!!
I am actually losing my mind right now. I’m counting on a specific amount of cash, and then my bank just refuses to let me withdraw it, claiming they need to "protect the minor"!!!! WTF
Technically, the government has frozen my funds. Are they saving up for the kid or am I supposed to be doing that??? As far as I'm concerned, this is a total violation of my rights, especially since nobody bothered to mention such a massive detail and there’s absolutely nothing in the contract stating there's a limit on how much we can access. This is my child and my fucking money, and they can honestly go shove it... I am completely losing it. I mean, am I a grown adult or a ward of the state?? Does anyone know what it's like out there???

I’m not sure if anyone pointed this out to you yet, but there was actually a change in federal law regarding this. It’s been common knowledge for a while now that once you hit a certain age, you can qualify for a specific monthly amount.
There’s actually an entire thread on this topic right here: 🤷

wearynomad122 said:Starting a new thread because I've had it!!!!!
I am actually losing my mind right now. I’m counting on a specific amount of cash, and then my bank just refuses to let me withdraw it, claiming they need to "protect the minor"!!!! WTF
Technically, the government has frozen my funds. Are they saving up for the kid or am I supposed to be doing that??? As far as I'm concerned, this is a total violation of my rights, especially since nobody bothered to mention such a massive detail and there’s absolutely nothing in the contract stating there's a limit on how much we can access. This is my child and my fucking money, and they can honestly go shove it... I am completely losing it. I mean, am I a grown adult or a ward of the state?? Does anyone know what it's like out there???

When my little one was born, I opened a Federal Reserve-backed housing savings account for kids with a 5-year term. I signed the paperwork... about 3.5 to 4 years later, we found ourselves in urgent need of the cash, so I headed down to the branch where I originally set everything up. My wife had to come along with me, even though she wasn't required when we first signed the contract. We both signed everything right there and were able to withdraw the funds without any drama or explanations, though we didn't get the interest incentives for that year and they tacked on some commission fee for closing it early.

Family law regulations have kicked in, which means there are certain restrictions on withdrawals. It’s not a bank policy—it's strictly legal regulation.
I don't believe savings accounts have hit those specific limits just yet.

If you need to withdraw more than the allowed amount, though, you'll have to head over to NOAA and request special authorization.

Regardless of how much people complain about this—myself included—we have to remember it's the child's assets. You can't just go out and sell stocks held in a minor's name or flip real estate on a whim...

Lawrence Cruz said:Family law regulations have kicked in, which means there are certain restrictions on withdrawals. It’s not a bank policy—it's strictly legal regulation.
I don't believe savings accounts have hit those specific limits just yet.

If you need to withdraw more than the allowed amount, though, you'll have to head over to NOAA and request special authorization.

Regardless of how much people complain about this—myself included—we have to remember it's the child's assets. You can't just go out and sell stocks held in a minor's name or flip real estate on a whim...

Fine, the child's assets—that's one thing. But who actually has the legal authority to manage that wealth, represent them, and make the calls until they turn 18? Who is the actual guardian—the parent or the state?
We aren't talking about kids in foster care and whatever government checks were issued to them...

Austin Vaughn3 said:Fine, the child's assets—that's one thing. But who actually has the legal authority to manage that wealth, represent them, and make the calls until they turn 18? Who is the actual guardian—the parent or the state?
We aren't talking about kids in foster care and whatever government checks were issued to them...

Honestly, if you really sit down and look at it, the whole thing is pretty twisted

I mean, I have to ask the government what they plan to do with money I earned with my own sweat and blood—money I might have intended for my kid, or maybe I didn't, who knows, people change their minds...

It’s like, the second you touch any significant cash, the government swoops in to play watchdog, even though they didn't contribute a single cent to that child's wealth. Yet, when you look at the massive number of kids who can't even get a decent lunch today, this "caring" government doesn't seem to give a damn about them at all.👎

Look, I see where you're coming from. 😉 There are plenty of cases where it’s obvious what kind of environment a child is growing up in, yet absolutely nothing gets done about it.

The government—clumsily, sure—tries to protect children's interests. Unfortunately, there are parents who view their kids through a completely different lens (which is why, for instance, traditional life insurance policies for minors aren't even a thing under the law)—and then there are just plain irresponsible parents...

It’s difficult—actually, it’s nearly impossible—to truly "monitor" whether a parent is fit or how they’re managing a child’s assets.

In reality, parents used to keep their own funds in their children's accounts just to chase interest rates—since savings account yields on minor accounts were often much higher than standard CDs, and the funds were easily accessible. That’s where the issue lies today; people simply got used to that setup and missed the fact that the rules changed.

Up until now, I haven't heard of any parents having trouble getting permits cleared through NOAA; the only real downside is that it takes up some time.

Seriously, these kids' savings accounts are a total dumpster fire right now. We set up this whole thing at Chase back when the rules were loose and you could pull cash out whenever you felt like it. Then they change the fine print without so much as a courtesy heads-up? Please.
Now that I’ve got my official paperwork from NOAA, I’m pulling every single cent out and nuking the whole account. They won't be seeing another dime of my money. Same goes for the foreign currency account—I'm canceling the overdraft and just keeping a bare-bones checking account. They can try to hit me with fees the second I clear the balance, but honestly? Let them try. Those thieves can go straight to hell.

I’m about to start banging my head against the wall here.😍

Let’s get this straight—it isn't Chase, Bank of America, local banks, or Reiff that slapped the freeze on withdrawals; it was the government (the very same Congress we all voted for). Even if the thought of having to trek over to NOAA just to get a confirmation drives me insane, you can't blame the banks for this one.😉
And if we’re being totally honest, it’s my own money—so if I want to pull it out, I guess I’ll just have to go grab that confirmation myself.

Steven Reed said:I’m about to start banging my head against the wall here.😍

Let’s get this straight—it isn't Chase, Bank of America, local banks, or Reiff that slapped the freeze on withdrawals; it was the government (the very same Congress we all voted for). Even if the thought of having to trek over to NOAA just to get a confirmation drives me insane, you can't blame the banks for this one.😉
And if we’re being totally honest, it’s my own money—so if I want to pull it out, I guess I’ll just have to go grab that confirmation myself.

I’m blaming the bank because they didn't send out a single notification about these changes to the main terms. From what I hear, some banks actually gave people a heads-up—maybe a month's notice, like Hypo or Goldman Sachs—but Chase? Absolute silence. Nothing. Yet, they sure as hell find a way to notify you the second interest rates on your loans spike.😠

They gave me a heads-up and set a deadline for us to decide how to handle the funds—end of the year, to be exact. Naturally, we pulled the money out and put it in a holding pattern while we figure out our next move.

I'm still waiting on the rest of the post! You only sent "JA:". Throw the actual content my way and I'll get to work turning it into something real.

Hey there!

Seriously, did anyone at JPMorgan Chase even bother to send out an alert about the new family law changes? It’s like they just went radio silent on us. I’m trying to figure out what the new monthly limit is for withdrawing funds from those Bee Savings accounts for kids, and honestly, it feels like I'm shouting into a void here. Does anyone actually know the deal? Or am I just supposed to guess?

Is there any way to pull cash out of an account without getting NASA involved? Seriously. Can I just move the funds over to a new account under my kid's name—maybe like one of those teen savings accounts? The little guy is only nine months old, so what are the odds?

Honestly, it’s beyond unprofessional—it’s straight-up rude. I mean, seriously? Not one single person had the decency to send out an email, a text, a letter, or even a quick notification through E*TRADE about the changes to their terms. Other major banks actually bother to keep their customers in the loop, you know? But not here. Just total silence. Is that too much to ask? A little heads-up? Apparently, so.

And obviously, I don't even need to spell it out—once we finally pull our cash out of the account, we’re shutting the whole thing down for good. Period.

Hey there! What's up?

JPMorgan Chase:

Hey there, folks.

Look, when it comes to pulling cash out of your Chase account, yeah, there are limits, but it’s totally allowed. Doesn't matter how much you're moving. If you're looking to transfer funds over to an account held by your kid? You're good to go. Just like you were asking—you can absolutely move that money into a college savings fund or whatever. It's doable.

Look, my bad for dropping the ball on this one. We totally missed letting you know what was going on, and that’s on us. Seriously. Give me a shout at the number below so we can get this mess sorted out once and for all, alright?

Thanks!

Hey there.

Alright, I’m heading down to JPMorgan Chase to see if there's any catch. If they aren't playing games, I'm moving everything over to that student checking account, pulling my cash out, and... 👋 Kid's savings accounts? Honestly, I’m just gonna close both of them and call it a day. Done. Over. Goodbye!👍

That’s it. I’m done. From here on out, all my savings are going straight into a literal holey sock. No more fancy apps, no more high-yield nonsense—just me, a piece of fabric, and some cold hard cash. 😁

My bank actually gave me a heads-up in time, so I grabbed every cent and moved it straight into my own account. Look, I earned that money. I’m the one who opened the account for my kid, and I’m the one who put my own hard-earned cash into it. In my book, it’s perfectly normal that I should be the one calling the shots with my money, not some social services agency.

Nicholas Wilson2 said:Seriously, these kids' savings accounts are a total dumpster fire right now. We set up this whole thing at Chase back when the rules were loose and you could pull cash out whenever you felt like it. Then they change the fine print without so much as a courtesy heads-up? Please.
Now that I’ve got my official paperwork from NOAA, I’m pulling every single cent out and nuking the whole account. They won't be seeing another dime of my money. Same goes for the foreign currency account—I'm canceling the overdraft and just keeping a bare-bones checking account. They can try to hit me with fees the second I clear the balance, but honestly? Let them try. Those thieves can go straight to hell.

My wife and I have been doing things that way for about a year now, and honestly, I can tell you it feels a whole lot better. I just keep a basic checking account for when my salary hits, I pull the cash out right away, and that’s it. No savings tied up there, no credit cards, nothing. Just keeps them from touching it.

Nicholas Wilson2 said:

I'm still waiting on the rest of the post! You only sent "JA:". Throw the actual content my way and I'll get to work turning it into something real.

Hey there!

Seriously, did anyone at JPMorgan Chase even bother to send out an alert about the new family law changes? It’s like they just went radio silent on us. I’m trying to figure out what the new monthly limit is for withdrawing funds from those Bee Savings accounts for kids, and honestly, it feels like I'm shouting into a void here. Does anyone actually know the deal? Or am I just supposed to guess?

Is there any way to pull cash out of an account without getting NASA involved? Seriously. Can I just move the funds over to a new account under my kid's name—maybe like one of those teen savings accounts? The little guy is only nine months old, so what are the odds?

Honestly, it’s beyond unprofessional—it’s straight-up rude. I mean, seriously? Not one single person had the decency to send out an email, a text, a letter, or even a quick notification through E*TRADE about the changes to their terms. Other major banks actually bother to keep their customers in the loop, you know? But not here. Just total silence. Is that too much to ask? A little heads-up? Apparently, so.

And obviously, I don't even need to spell it out—once we finally pull our cash out of the account, we’re shutting the whole thing down for good. Period.

Hey there! What's up?

JPMorgan Chase:

Hey there, folks.

Look, when it comes to pulling cash out of your Chase account, yeah, there are limits, but it’s totally allowed. Doesn't matter how much you're moving. If you're looking to transfer funds over to an account held by your kid? You're good to go. Just like you were asking—you can absolutely move that money into a college savings fund or whatever. It's doable.

Look, my bad for dropping the ball on this one. We totally missed letting you know what was going on, and that’s on us. Seriously. Give me a shout at the number below so we can get this mess sorted out once and for all, alright?

Thanks!

Hey there.

Alright, I’m heading down to JPMorgan Chase to see if there's any catch. If they aren't playing games, I'm moving everything over to that student checking account, pulling my cash out, and... 👋 Kid's savings accounts? Honestly, I’m just gonna close both of them and call it a day. Done. Over. Goodbye!👍

That’s it. I’m done. From here on out, all my savings are going straight into a literal holey sock. No more fancy apps, no more high-yield nonsense—just me, a piece of fabric, and some cold hard cash. 😁

I hope this money transfer trick actually works for you guys, but I had a different experience.
My daughter needed to receive some funds from her school insurance, and they told me I had to open either a savings or checking account in her name to hold the payout.
I went into Chase and asked which option was better given the new laws. The teller basically told me it didn't matter which one I opened in her name because in both cases, I have to sign a waiver stating that I can only withdraw $354 per month (my kid is only 7), and for anything larger, I have to contact NASA.

Good luck to you all—hope you manage to pull the money out successfully.

P.S. I hope they mentioned that NASA won't just hand over large sums based on a simple request; they demand to know exactly what the money is being used for. If it isn't clearly for the child's benefit, they reject the request.

urbanpilot said:I hope this money transfer trick actually works for you guys, but I had a different experience.
My daughter needed to receive some funds from her school insurance, and they told me I had to open either a savings or checking account in her name to hold the payout.
I went into Chase and asked which option was better given the new laws. The teller basically told me it didn't matter which one I opened in her name because in both cases, I have to sign a waiver stating that I can only withdraw $354 per month (my kid is only 7), and for anything larger, I have to contact NASA.

Good luck to you all—hope you manage to pull the money out successfully.

P.S. I hope they mentioned that NASA won't just hand over large sums based on a simple request; they demand to know exactly what the money is being used for. If it isn't clearly for the child's benefit, they reject the request.

Ugh... obviously they mentioned the nightmare of getting approval from NASA. That's exactly why I'm trying to find a workaround to bypass them entirely.