My child has a Coogan Law Trust Account. I had $182.00 in my savings account of which I transferred $180.00 to my Checking account. Apparently, B of A withdrew their monthly savings acct. Service charge to make my account $175.00. So when my savings transfer went to my checking account they decided to pull money out of my child's Coogan Account to cover the transfer.
Isn't this illegal? How can Bank of America pull money out of an account, which by law no one can touch, and cover something like this? This account was opened so that my child would have savings from her earnings when she turns 18. Nobody is supposed to be able to touch the money until she turns 18.
I called customer service and they basically said that B of A could pull money out of any one of the accounts that happens to have my name on it. Regardless of whether it is a Coogan Law Trust account and I am only a trustee on the account.
I am closing my account with Bank of America asap. Their fees are ridiculous as are their business practices.
I also called to complain about this situation and the customer service rep basically said that Bank of America could do whatever they wanted because it was in their terms of use agreement.
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