A member asked over 8 years ago

Parents taking away my savings money as punishment for anything

Hi I am a 14 year old from Queensland Australia. I have a Commonwealth Bank Youthsaver account which is under my name but linked to my parents bank accounts. Every time I do anything wrong my parents take away varied amounts of money from my account. If I swear or forget to clean up they usually take away around 40 dollars and they never give these back. But if they are angry, they take away ridiculous amounts of money from my account. We were having an argument yesterday about my phone use, so they got angry and took away $1300 from my bank account. They usually give back these ridiculous amounts but I want to know, what is your legal standpoint for this situation and is it illegal.

Law Advisor Research Team
Researchers at LawAdvisor

Hi there. When a person opens a savings account with a bank, they enter into a contractual relationship with the bank based on certain terms and conditions. The law says that the customer and the bank must abide by those terms and conditions.

When your parents opened a Youthsaver account with the Commonwealth Bank on your behalf, they entered into a contract with the bank. The terms of this contract were most likely contained in a document called a Product Disclosure Statement (PDS) or something similar. A copy of this document should be available on your bank’s website. The contract between the bank and your parents allows your parents to do certain things, such as linking your account with their own accounts and transferring money in and out of your account.

Although you may consider your parents’ withdrawal of money from your account as unfair, their conduct is not unlawful, provided it is permitted under the terms of the contract. When you reach a certain age (16 years old for Youthsaver accounts), you can request that the bank give you full authority over your account. This would mean that your parents no longer have direct access to your account.

Suggested way forward

You may want to contact your bank and ask them to explain what rights you have in relation to accessing and controlling your savings. If you have other questions about your rights as a minor, you may want to check out www.lawstuff.org.au – a website dedicated to providing young people with legal information.

Answered over 8 years ago   Legal disclaimer


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