[ SECRET POST #6213 ]

[case]

⌈ Secret Post #6213 ⌋

Warning: Some secrets are NOT worksafe and may contain SPOILERS.


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Notes:

Secrets Left to Post: 01 pages, 19 secrets from Secret Submission Post #888.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.

Comments

Re: Bank Accounts in The USA

[(Anonymous)]

It really isn’t that simple. And minors legally CAN open a bank account without a guardian’s permission. Most banks don’t do it but that’s a bank thing, not a law thing. The reason for it because of taxes.

As for parents spending the money…that’s a grey area. If a child is a professional, there are laws in place to safeguard that. Plenty of parents still do it to those kids though and then the kids end up suing or just accepting it. Laws about it are getting more strict all the time though.

If the child is not a professional, then most banks won’t put the child as primary so if the parents decide to spend it all, the kid is just screwed. There is a push to get this changed but it’s a long way from getting better. Banks have no reason to change their requirements or how they do business.

Re: Bank Accounts in The USA

[(Anonymous)]

In many states, no, minors can't open a bank account without a parent or legal guardian. It's not a tax thing; it's about the fact that opening a bank account involves signing a legal contract, and minors are generally not considered able to take responsibility for contractual obligations.

As for whether the law safeguards the funds of children with professional jobs, when it comes to joint bank accounts, that's completely irrelevant. Whether you're a child or an adult, if someone is joint on your account, then they have full rights to those funds, and can use them as they wish.

Re: Bank Accounts in The USA

[(Anonymous)]

Parent of a professional child here, her money is her money by law and I’m merely a limited authorized signatory responsible for business and tax related activities. Additionally, a large percentage of professional children are subject to Coogan’s law.

Re: Bank Accounts in The USA

[philstar22]

It really depends on the state.

Re: Bank Accounts in The USA

[(Anonymous)]

DA
Only six other states have laws comparable to Coogan's law, so not really a large percentage...

Re: Bank Accounts in The USA

[(Anonymous)]

Then you aren't fully joint on her account; you're a guardian or custodian.

Coogan's law applies specifically to child performers, not to children who are "professionals," and not every state has such a law. California is not the entire US.

Re: Bank Accounts in The USA

[(Anonymous)]

SA
Most professional children in America are employed by companies headquartered in California and therefore subject to California’s child performer laws (which also apply to models, dancers, and athletes).

Re: Bank Accounts in The USA

[(Anonymous)]

So... I assume by "professional children" you mean actors/entertainers. Not the majority of children who work.

Re: Bank Accounts in The USA

[(Anonymous)]

Most working children aren't actors, models, dancers, or athletes. It's disingenuous to use "professional" to mean "performer" as you're doing. You're deliberately obscuring the actual nature of the law.