Your child's bank account

[Twin Sister]

My in-laws did something very similar to me. I get on with them really well so this was the only "fight" we ever had. We were visiting them back in March and a few hours before we had to leave for the airport my FIL tells DH they have to hurry as they have an appt. at the back to finalize this tax free savings account for DS. Huh? I tell them DS already has an account. FIL says this is a different type of account, a tax free one they will be contributing to. Confused as to why they are interfering, I tell them DS doesn't need another account, they can contribute to his exisiting account. FIl tells me it's none of my concern and to stay out of it. What?? I tell him if it concerns my DS then it concerns me to. He goes red in the face and starts yelling at me to mind my own business. Furious I leave the room and start packing my bags in the car (in tears). I could not believe it!

Thankfully his wife and my DH told him he crossed the line. He thought he was trying to help us, but he didn't look at it from my side. We have our own finances and we didn't ask for help. He then felt bad, realized his error and aplogized. In the end they went and opened a joint account with DS so that if any
thing ever happened to them, their money would go to him and not the bank. That made a LOT more sense.

I think it's great they want to contribute to your child's savings, but really why does she need two bank accounts? That makes no sense. I see no reason why they can't contribute to the existing one. Sounds like a control thing.

I recently met my birth mother. She has set up an account for all of her grandchildren (these are their only accounts though) and she wanted to set one up for DS. I told her he had one already and she happily agreed to contribute to the existing one. She agreed there was no reason for him to have multiple accounts. What would be the point. It's much easier to have it all in one place.