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My aunt owes money and her name is in my account but i am the primary owner of the college account.

My aunt owes money and her name is in my account but i am the primary owner of the college account. The bank took money out of my account because of debt. is their anything i can do about this?

Ryan

My aunt owes money and her name is in my account but i am the primary owner of the college account. by

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  • Saber2thdtiger

    Ryan,

         I would have to agree with the comment from Mike, if you are the co-signer of the account if they can’t get monies from your Aunt they will go to you, as far as I know you may have an option of taking her to small claims court or district court to collect any monies that may have been paid. Good luck!!

  • Strolyt

    Ryan, you’re experiencing one of the major pitfalls of relatives – or anyone else, for that matter – cosigning on a loan or co-owning an account. Your aunt owes money to the bank, and because she doesn’t keep her payments current, the bank sees you as a co-owner of her account and comes to you to make it up. They may not know and probably don’t care that you see your college fund as yours – to them it’s all one big bucket of water. You don’t say how old you are, but if you’re legally able, it might be a good time for you to open a second account and transfer your college money into it. Your aunt may still have debt issues and you may not be able to back away from them entirely, but at least your college money will be fenced off.

    Good luck, son.

    Cheers
    Mike

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