Opening a bank account for your newborn?

Would you be offended if someone other than yourself opened a bank account for your baby? This is your first dc.

Let me know your thoughts

Re: Opening a bank account for your newborn?

I think I'd definitly be upset if someone opened an accout for DD.

How would they even do that? Do they have your DC's ssn?

Re: Opening a bank account for your newborn?

I can't be offended by any generosity towards my children.

It doesn't bother me at all. My sisters opened accounts for each of their godchildren (my kids). At their baptism and on holidays, they put money in their accounts. Its like a secret stash for them when they get older, and a special gift between them and their aunts/godmothers.

Re: Opening a bank account for your newborn?

Anybody can open a bank account however for it to be DC bank account, you need SSN and parent to open it.

As of now, DD account is in my name till she turns 18 but her account. I'm able to transfer money and control it until then.

I would be worried someone else has control over that account until she is of legal age.

Re: Opening a bank account for your newborn?

I just opened up a bank account for DS and in order for me to do so, I needed to show his birth certificate and social security card. As a minor account, it is a joint account with me (and will be with DH whenever he finds the time to go to the bank and add himself). I dont know how it would be possible for someone else to even open up an account for your DC without the BC and SS# however, if say my mom wanted to open up her own account and earmark it for DS I obviously would have no problem with it at all. If DS is anything like his daddy, he will need lots of money for sportscars

Re: Opening a bank account for your newborn?

Wouldn't bother me at all! Maybe things are different here in NC, BUT my parents opened an account for my DS without me there. I was truly grateful!

Re: Opening a bank account for your newborn?

We are the only ones to open up accounts and maintain for our Children...

Re: Opening a bank account for your newborn?

I have no problem with it at all. My brother started 529 plans for both of my kids and he puts money in it when he can. I feel that it's his money and he can put as much or as little into their accounts as he feels appropriate.

Re: Opening a bank account for your newborn?

My FIL opened up a 529 for Abby and so did we. She also has other bank accounts as well. I have no problem with it.

Message edited 12/27/2009 3:23:27 PM.

Re: Opening a bank account for your newborn?

I wasn't aware you could do this without the SSN, but I'd be more than happy if someone wanted to financially contribute to my child's future!

Re: Opening a bank account for your newborn?

If I were you, I'd ask if they could start a college fund vs a normal bank account.

MIL wants to open a college account for DS. I'm not offended at all.

She has been buying tons of stuff that we don't want/need. I'd take a bank account over non-refundable gifts anyday.

Re: Opening a bank account for your newborn?

Re: Opening a bank account for your newborn?

I'm all for it! If people can and want to be that generous, I say let them!

Re: Opening a bank account for your newborn?

My dad opened a 529 for DS, and I am thrilled.

Re: Opening a bank account for your newborn?

Grandparents...no problem but anyone else would make me Not sure how they would do it without the SSN but even if they came to ask me...I would not give out that number.

I would appreciate the generosity of opening an account and making a deposit but not sure why it would have to be that way rather than giving me the money to put into the account we had for our child. DS has had his own account since he was baptised.

Re: Opening a bank account for your newborn?

if someone wanted to give my twins money thats great!
i wouldn't necessarily contribute to that account as i wouldn't have control over the money but i would enjoy the generosity!

as far as how they would open and acct i don't get it. i wouldn't share SSNs and birth certificates. unless its in their name and they contribute and then one day give my DS control over it?

Message edited 12/27/2009 8:21:30 PM.

Re: Opening a bank account for your newborn?

Re: Opening a bank account for your newborn?