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How can I let my mom monitor my bank account without letting her touch my money?
My mother wants to monitor my bank account but I don't want her touching my money. I was told by my bank that for that option, I need a lawyer to give her a "power of attorney" so that I can have control over what she can and cannot do on my bank account.
Can I do this without her knowing?
I appreciate all the info. I am 19 and the account is under my name. If POA will give her full access, then how else aside from mail can I allow her to see my account but prevent her from touching my money?
7 Answers
- RICKLv 72 weeks ago
Just give her a copy of your monthly statement with the account number deleted
No need for POA
You are an adult, unless there is a court order giving her guardianship due to your diminished mental capacity she has no right to monitor your finances
- SCATTY cLv 62 weeks ago
I'm not entirely sure what you mean by 'monitoring'.
If you mean just letting mum know what you have spent each month, then that is easy. Just show her the statement each month.
- Coffee DrinkerLv 72 weeks ago
The real question is why does your mother feel the need or right to monitor your bank account when you are 19 years old?
If you're living at home (or in college with her support), then that might be a condition of the living situation.
My suggestion - you don't give her access to your accounts. Your bank should have an option to export transactions records from your online banking to an external file such as a .pdf .csv (which can be opened in Microsoft excel) or directly into an accounting software program such as Quickbooks.
Pick a format that works for you and create a folder on a computer or a cloud based drive (if you don't share a home computer).
Once each week you can log in to online banking and export your transaction records and save the file in that folder where you mother can access the report. But don't give her your password for online banking and don't put her name on your account.
This will allow her to see your transactions, but she will not have access to your money.
It should only take a few minutes to log in and export the file
- TavyLv 72 weeks ago
You are confused about a POA, it will mean she can have control over your money and you don't want that do you?
How old are you? It makes a difference.
Re your Update. At 19 you are a grown up, you tell her No, or you print out a statement for her to read.
- A HunchLv 72 weeks ago
Are you an adult? You simply say "no".
If you are a children, you have no other option for her to have full access since you will have a custodial account.
And power of attorney gives her full rights to the account.
- Anonymous2 weeks ago
Online access? No.
Print access? Ask the financial institution to do a duplicate mailing to her address and tell her she can open the mail and read it. The only thing she can do at that point is talk to you.
POA? No. Every bank I've ever worked with demands the POA to use their form without alterations, which means you pretty much can not only look at the account, but she can sign checks and remove all of your money.
- AudreyLv 72 weeks ago
You misunderstood something. Do not give her a power of attorney till you totally understand it.