(WSVN) - When her grandchildren turn 5 years old, she opens a saving account for them. Then she noticed that money was being taken from one child’s account for maintenance, even though those accounts are supposed to be free. Can a bank charge a child fees? Let’s open the vault to a Help Me Howard with Patrick Fraser episode.
Having children is a joy. And then Maria had grandchildren.
Maria Teresa Cerqueira: “My mom used to say, ‘The parents are here to train them, to teach them, to discipline them. Grandparents need to spoil them.'”
Maria is lucky enough to share a home with her family, including three grandchildren, helping out where she can and having fun.
And just as she taught her sons to paint…
Maria Teresa Cerqueira: “That’s my son’s painting. I do smaller ones.”
She now shares her love of art with her grandchildren.
Maria Teresa Cerqueira: “We started painting, and they really enjoyed it.”
Something else Maria enjoys, when her grandchildren turn 5, she opens up a savings accounts for them to teach them about money.
Maria Teresa Cerqueira: “Twice a year, I sit down and I show them how much they’re getting. I mean, there’s not much interest in savings account, but something now is growing, just like they are growing.”
And when she was showing Bianca her account, she noticed it was filled with deductions.
Maria Teresa Cerqueira: “That $8 was being taken every month, and I said, ‘Well, that never happened with the other two accounts. What’s going on?'”
Eighty dollars had been taken from her granddaughter’s saving account for maintenance fees.
So Maria headed to the bank.
Maria Teresa Cerqueira: “‘Well, you have the wrong account. You shouldn’t have that account.’ I said, ‘Well, that’s the account you guys gave to me. I didn’t ask you for that account.'”
Maria says each grandchild has the same type account, with their name and hers as the custodian. Then she reread the bank’s paperwork regarding maintenance fees.
Maria Teresa Cerqueira: “It says that children under 17 years old, minors’ savings account, shouldn’t have fees.”
The bank returned half of the maintenance fees they had deducted, but the next month again withdrew $8 from Bianca’s account.
Maria Teresa Cerqueira: “Makes me feel very frustrated, really frustrated, because it’s like hitting a wall.”
But Maria painted up another scenario.
Maria Teresa Cerqueira: “I said, ‘Well, let’s see if Help Me Howard can do something,’ so I called you guys.”
Well, a grandmother tries to do a nice, educational thing and, as Maria says, hits a brick wall. Legally, Howard, can she break through?
Howard Finkelstein: “Yes. The bank says in their document they do not charge fees for a custodial account like Bianca has with her grandmother, so they have to return the money. It’s that simple.”
I emailed Bank of America. If only everyone moved this quickly.
The response? “Hi, Patrick – wanted to let you know that we contacted our customer and have resolved the issue.”
Maria Teresa Cerqueira: “So they changed the account, they returned absolutely every penny.”
Bianca got all her money back.
Maria Teresa Cerqueira: “Nobody’s going to get rich on that one, but it’s my granddaughter’s. I am very glad I called you guys.”
Howard Finkelstein: “No matter whether it’s your account, a child or grandchild, look at the monthly statements, not just the bottom line but individual transactions. You may find you are paying for things you did not realize.”
And one more thing that Maria did…
Howard Finkelstein: “To insist, to persevere, not to just give up.”
Maria didn’t give up; she won. Now, Howard mentioned checking your bank statements. Also check credit card bills, cable bills, everything. You never know when you’ll get a bad surprise.
Feel like you are being framed? Ready to paint a different picture? Bank on us helping. We aren’t artists, but Howard had a brush with a law book — once.
With this Help Me Howard, I’m Patrick Fraser, 7News.
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Reporter: Patrick Fraser at pfraser@wsvn.com
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