Filing Chapter 7 - Question about minor's checking account

[cwilliams]

My son is 15 and has a part time job. It doesn't pay a lot but he wanted a checking account. Since he's 15 one of us had to be on the account with him, so I went with him to get the account and my name is on it. He wants to save up for a moped. If he starts accumulating a lot of money in his account is that going to look bad on my end as well? Should I have him hold onto it in cash instead?

[cwilliams]

I read somewhere else to not keep more than $300 in an account. So since my name is on this account my son needs to keep it low? Should I see if my mom or another relative can be on it with him instead of my or dh to keep our names off the account? Like I said, he wants to save up for a moped and plans to have at least $1200-$1300 to do that.

[canusaybroke]

Our son is 2 and we opened an account for him when he was born. We now have $1100 in it. Our lawyer informed us that we are "custodians" on the account and the trustee won't touch it.

However, if he doesnt have a lot of money already in there....I would no put it in there and just save it up in cash.....that way it avoids any future problems...

[Calamity]

I belong to a credit union and my 4 year old son has a savings account there I started for him when he was born. Last week the credit union froze my account as well as my son's account. We were not behind on any payments with them. My advice is that you make sure this account is not at all affiliated with anything you owe on.