QUESTION

How do I set up a blocked account for my son if I can't find a bank that does it?

Asked on Apr 02nd, 2013 on Automobile Accidents - Indiana
More details to this question:
My 16 year old son was the victim of a hit and run and just won his settlement, we were told by the judge and our attorney that his money had to go into a blocked account until he was 18. I was fine with this but we cannot find a bank that does blocked accounts, what should we do? Is there another word for this type of account or another way of doing it? Nobody seems to know what to do.
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1 ANSWER

A "blocked account" is simply one that will allow withdrawals only upon court order or until your son turns 18. Ask your attorney for the names of banks that have done this for his past clients.
Answered on Apr 04th, 2013 at 3:03 AM

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