Is it legal to assess maintenance fees to child’s savings account for inactivity?

UPDATED: Aug 23, 2012

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Is it legal to assess maintenance fees to child’s savings account for inactivity?

My 5 year old daughter has a junior savings account with a passbook. No statements are mailed to the home address. I recently made a deposit, the first in 1 1/2 years. When the passbook was updated I discovered that $125 had been withdrawn for maintenance fees for inactivity on the account.

Asked on August 23, 2012 under Business Law, Illinois


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

For the bank to have been able to legally assess maintance fees for your child's savings account for inactivity, you or your presumed spouse would have had to have signed some document with the bank allowing for the assessment of such a fee. I suggest that the best way to resolve the issue that you have written about is for you to have a face to face meeting with the manager of the bank that charged the $125.00 in fees.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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