Is it legal to assess maintenance fees to child’s savings account for inactivity?
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Is it legal to assess maintenance fees to child’s savings account for inactivity?
My 5 year old daughter has a junior savings account with a passbook. No statements are mailed to the home address. I recently made a deposit, the first in 1 1/2 years. When the passbook was updated I discovered that $125 had been withdrawn for maintenance fees for inactivity on the account.
Asked on August 23, 2012 under Business Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
For the bank to have been able to legally assess maintance fees for your child's savings account for inactivity, you or your presumed spouse would have had to have signed some document with the bank allowing for the assessment of such a fee. I suggest that the best way to resolve the issue that you have written about is for you to have a face to face meeting with the manager of the bank that charged the $125.00 in fees.
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