By poor man - 26/11/2014 14:13 - United States - Fort Lauderdale

Today, I frantically told my parents that my bank account had no money. Turns out, they took the $1,600 I had saved up from a summer job and invested it in penny-stocks. I was grounded because they were "doing it for the family," and I'm being selfish. They also had lost it all in a matter of days. FML
I agree, your life sucks 44 644
You deserved it 2 958

Add a comment

You must be logged in to be able to post comments!

Top comments

How did they get access to your account? And doesn't the bank notify you when you take out a large amount of money? Your parents are fucked up and should be paying you back for their stupidity.

That sucks, OP. Maybe you can get them to pay you back eventually ):

Comments

just going to comment cuz I've never been #1 before

That sucks, OP. Maybe you can get them to pay you back eventually ):

Considering how his family is acting now, I doubt that's going to happen.

cmchappy 25

Apparently they did not learn a thing from the wolf of wallstreet

pay back, for sure. I know it's family but that's also theft. call the cops on them and tell the bank they wrongfully gave it away. that's bullshit. I'm sorry but your parents are complete assholes.

Steal it back and ditch 'em. I'm sure lots of people will call me an ass but sometimes family just isn't all it's cracked up to be.

I would burn the fucking house down if that happened to me.

This FML isn't making much cents.

All the people claiming to call the cops don't seem to realize that would cause more harm than good in the OP's situation, since the OP is completely dependent upon them.

77- while I agree, they need to learn that actions have consequences. whether it's OP or a complete stranger, it's still wrong and they need to get in trouble for that. if OP stole they'd be in trouble. I don't think the parents should get away with this.

the same thing happened to me and my family still hasn't and they continue to call me selfish (it was my graduation and communion money that I was saving for college lol)

My parents don't have the ability to access my account. You should try to get yours like that. That's ridiculous. Your money does not belong to the whole family, you earned it. I'm so sorry OP.:/

Show them Jordan Belfort's book.

How did they get access to your account? And doesn't the bank notify you when you take out a large amount of money? Your parents are fucked up and should be paying you back for their stupidity.

This is the point! I wonder which bank was it ?

There could be a loophole in the bank's administration or it could be that somehow your parents got your credentials... Hope it doesn't happen to anyone.

Maybe it's the parents bank account and they just added OP name to it. Or they opened up a new bank account under both names.

Or if op is a minor, a parent or guardian needs to be on the account & therefore has full access.

Yeah, I hear these sorts of stories a lot. OP has learned a hard lesson: his parents cannot be trusted. As soon as he can, OP needs to get an account they can't access and watch his other belongings. Some parents feel entitled to anything of their kid's, and short of family therapy, it's unlikely they'll see that they're wrong. Protect your stuff, OP and don't expect them to pay you back. You're just lucky to have only lost $1,600. I've heard of parents taking a couple hundred grand when they were left on a trust account.

I'm 17 and I have a bank account that I can't access until I'm 18 or a parent is with me. I can only deposit, not withdraw.

I opened a bank account when I was 16 and my parents did not have to be on it with me. Maybe it's different in other states, but in California they don't require that.

When I was a minor I had an account. However, I had to have a parent/legal guardian on it who was in control. On ATMs I was only able to put money in and I wasn't able to make withdrawals. When I turned 18 I found out my mom wiped out all of my money and closed my account before my 18th so I wasn't given any notices. The bank couldn't do anything about it except offer me a new account.

Where is this that minors cannot have their own bank account? I had my own since the day I was born (baby gift from the staff of the bank my mom worked at), and both my siblings had their own bank accounts they had control over when they were underage. I can go and open bank accounts for my 4 and 7 yr olds specifically for minors and they can have control over putting money in and taking it out and the parents can be completely out of it. We just have to be there to open it for them and then we can have it where the account is then their responsibility, as in the money is under their control, we can't touch it, we can though help with any problems with banking for or with them due to being of age and parents....

That is probably the case #42, but the bank should also be to blame. Because since it's still OP's bank account the bank should have contacted them about it. Especially with that large amount of money being taken out.

That sucks for you I have my own account that my parents can't access I'm 17 but I'm from New Zealand

OP still should've been notified. I know that when I make a large purchase, I get notifications. I also get notifications when my account drops below a certain dollar amount. That being said, if my parents took that much money from me, I would be absolutely livid.

The fact that OP got grounded is a give away than they are a minor

Every time my mother needs a favour or wants to force me to do something for her she claims she has been saving up for me since the day I was born (on a bank account my long dead grandmother had started for me and put initial money on) and I need to be oh so thankful for that. So far I haven't seen a single cent of those savings. I'm in my thirties and have my degree, a job and a family of my own. There have been so many times in my life when money has been tight, but my mother never gave me any money out of that account when I asked about it. A while ago I found out why: there are a only a couple euros on it. Every time my mothers money was tight, she took money out of that account to tide her over, then started to save it up again, only to use it again later.

#104 ur mother is an asshole for doing that

I'm 15 and i've had my bank account since i was 13 and i never needed one of my parents to withdraw money from it. The only thing that my parents were allowed to do with my account is to put my monthly allowance in it.

That's nice for you number 73 but it's not true everywhere. In most states in the US the parent is considered the owner of the account and the child is just considered a depositer. Because of that the kid isn't required to be notified when a major withdrawal is made. Also, since the parents names are listed as the "owners" rather than co-signers the legal system can't do anything about the money being stolen.

if op is under 18 in order to have an account the parents have to be on the account as well at least for a checking account

If the poster is under age they have to have a parent or guardian cosign on a bank account and the legal adult on the bank account has more pull than the minor

Sorry about that. What a horrible thing to do...I hope they realize how awful that is and pay you back

I doubt they will though. Reading this made me very angry...

My dad once stole $200 from me, denied that he did, then closed my account so i didn't have any evidence (this happened when I was younger and he controlled my account)

As soon as you can don't allow your parents to have access to your account

Sorry about that! Explain to them or just ignore it- resolve not to ever be like that!

Ignore it? They STOLE 1.6k of OP's hard earned money, and essentially gambled it away. No responsibile parent does that and then tries to make the child feel guilty.

It really sounds like your parents need to get their shit together

Your parents don't seem to come off as the brightest people. It's irresponsible to A) take your money B) invest it all in penny stocks in any hope to make money C) to ground you for their theft. Hopefully you can get them to pay you back but with their rationality, i'm not so sure

I don't even know what OP got grounded for. It's reasonable to feel panicked when you notice you've lost $1600

Never allow them to be on your account again. They aren't worth a dime.

I'm guessing OP is under 18. If he is, he has to let his parents into his bank account. Even if he an adult, he's living with his parents. They are allowed control him and his things. Their house, their rules no matter how unfair and awful they are. It does suck, and OP has my sympathy. Until he moves out, they can do whatever they want with him.

No, no they can't. Regardless of where the OP lives or how old the OP, if they have a job any money they earn and anything purchased with said money belongs to them. Parents are not entitled to anything that their child has just because they felt the need to not use a condom one night. Their house, their rules does not apply to bank accounts. If the OP is an adult living with his parents and they want money because of that, they can do what everyone else does and demand that he start paying X amount of rent every month. If the OP is a minor who lacks the option to move out on their own the parents can go F themselves because they knew that having a child would cause financial strain. They can refuse to by useless crap but that's it. You do not get to demand that your children pay you back simply for existing.

In many places, a minor can only deposit money into the bank account and the parents can access that money because the child is underage. It is legal for this to happen, but it depends on where OP lives.

@75 that's how it should work, but in the US a minor legally cannot own anything. It's the parents property, and to remove a parent off an account you have to have the parents permission (even to close the account) but you can reduce the account to $0 and forget about it and make it auto close without them.

That's a nice though but it's not how the system works 75. In the US a minor can't actually own anything, even their own money (some states have changed this recently though, thank goodness). Some states actually still have laws making it illegal for a minor to live on their own even if they can afford to do so and if the OP lives in such a state (Which I know Florida was back in 2012 at least) then he can't even move out on his own right now.

if the op is under 18 his parent have to be on his account by law

penny stocks are usually shitty investments. they really shouldn't be handling anyone's money if they don't know what to do with it

#10: True story; OP's parents would be better off at a damn blackjack table. (Note: Blackjack is potentially one of the best-paying games in the casino in the long run--aside from poker, which is skill-based--and you're still just as likely to lose your money as you are to win. Point is that gambling sucks.)