When I was around 16, I got my first job. My mother created an account for me and my little brother, and we knew about it. At the time, I didn’t have my own phone, so I couldn’t log into the account myself. I still used the Capital One account for my first job’s direct deposit, and everything was fine. I had my own card, could ask my mom for my balance, and take out what I needed without any issues.
By the time I was 17, I was no longer living with my mother and working another job, but things started going wrong. My job offered daily pay, and I tried to withdraw $40 that I really needed since my parents weren’t supporting me anymore. When I called her to ask why I couldn’t use the account on CashApp, she yelled at me, saying, “I told you not to use that account!” (She never mentioned that to me before).
It takes time to switch direct deposit to another account, so I ended up with about $600 on that account (I know because I can access the account now). I tried to let it go and move on, and my mom got me a phone on her plan. Now that I could log into my account, I saw I was negative by over $5,000! I checked the transactions and saw my mom had deposited $900, bringing the account to $1,500, but an issue levy check hit, draining the account to zero. My last transaction was an accidental daily pay deposit for $160, which my mom told me I could take out a month later.
When I got my third job, I tried to apply for secured credit cards twice but was denied. I showed my mom the denial letters, and she said, “That’s from that thing; I’ll get it paid soon.”
What do I do? I’m about to turn 20, and I feel like I can’t even start building credit because of this. I called Capital One, but they won’t give me any information and said my mom needs to call them.
Your mother ought to file her taxes.
Why didn’t she open the account primarily in your name? She ought to have. It was taken for her taxes because of this.
Has your younger brother’s money vanished as well?
How incredibly unfortunate.
Open an account for yourself with a different credit union or bank (usually better). At minimum, you will be able to obtain an ATM card. Once you have a history with them that is, you have made deposits, saved money, increased your balance, and avoided overdrafts you ought to be eligible to apply for a credit card from that bank or credit union.
In the interim, cease applying for new credit cards. Refusals lower your credit rating
You can set up a Venmo account and direct deposit funds to it. or at minimum, cease direct deposit for the time being. then after that, speak with your mother and inform her that you are the rightful owner of any money that was in that account. She was careless, and you are regrettably suffering for it. You can dispute the inconsistencies with your credit agencies when your mother removes you from the account. You can let them know that you were/are a juvenile and that the account was opened without your consent.
It is not permitted for minors to be primary account holders. When the youngster turns 18, the account is handled as a joint one. Experiencing this alongside my son.
That needs to be bank-specific. As a child, I always had my own account. From a very young age, my children had their own credit union accounts. Recently, a friend opened Wells Fargo accounts. Her younger child required her to be a co-owner, but her 13-year-old received his own account.
The previous few decades have seen a tightening of those regulations. At 16, I opened my own account without the presence of an adult, but my kid was not permitted to do the same.
When you first started working, you had to open your own bank account. It’s strange that you kept working for the bank for years. Open an account with a nearby bank.
If your mom was listed as a joint owner on the account, then she legally has joint ownership.
Whenever a bank gets a levy for someone’s debt, it applies to any account where that person is listed as an owner.
When you moved out, it was your responsibility to either remove her from the account or close it and open a new one in your name (or with a guardian if you weren’t able to open one alone).
There shouldn’t be a reason why you can’t get a secured credit card since you’d be depositing money upfront.
Have you checked your credit report? It sounds like you haven’t.
Go ahead and pull your credit report. It’s possible your mother used your identity to open credit cards in your name and didn’t pay them. If that’s true, report it to the police and press charges. Once you have a police report, contact the three credit bureaus to report the fraud so they can remove those charges from your credit.
THIS! It’s identity theft if your mother opened any more credit card accounts in your name! If you don’t take action and make things right, you will be responsible for those bills! Get a copy of your credit report. Inform the police if there are any more cards. Your mother might go to jail and have to settle the accounts. She must now deal with the fallout from the decisions she made.
You do not “pay a check for a levy.” A bank takes money out of your account to pay off debt. Any levy on her name can be drawn from her account because her name is on the account.
However, a levy often doesn’t result in an account going negative, so I’m curious about the negative $5,000 you mentioned.