What a minor can and cannot do with their own account
A minor can withdraw money from a bank account in their own name, but only if the account was set up to allow it. Most accounts opened for minors under age 18 come with restrictions — the parent or guardian who opened the account controls withdrawals, sets spending limits, or requires approval for larger amounts. Some banks let minors withdraw cash at ATMs or in person up to a daily limit; others require a parent to be present or to authorize each transaction.
The rules depend entirely on how the account was created and which bank holds it. A joint account where a parent is listed as the owner gives the parent full control. A custodial account (often called an UTMA or UGMA account) is legally owned by the minor but managed by an adult until the minor reaches the age of majority — usually 18 or 21, depending on your state. A teen checking account with parental controls may allow the minor to make purchases but not withdraw large sums in cash.
If you are a minor and want to know what you can withdraw, the fastest answer is to ask the parent or guardian on the account, then call the bank directly with them present. The bank can tell you exactly what restrictions are in place and what steps are needed to access the money.
Key Takeaways
- Most accounts opened for minors have withdrawal limits or require parental approval, so you cannot assume you can take out all the money whenever you want.
- Joint accounts and custodial accounts are two different legal structures, and each one has different rules about who can withdraw and when.
- The parent or guardian on the account can change withdrawal limits, add restrictions, or remove them at any time.
- Calling the bank with a parent present is the only way to know for certain what you are allowed to withdraw and what the daily or transaction limits are.
How joint accounts work and who controls the money
A joint account lists both the minor and the parent as owners. In most cases, this means the parent has full control over all the money in the account, even though the minor's name is on it. The parent can withdraw funds, close the account, or change the terms without the minor's permission. The minor may be able to make deposits and small withdrawals, but the parent sets the rules.
Some banks offer joint accounts with built-in parental controls that let you set a daily ATM withdrawal limit — for example, $50 per day — so the minor can access cash but cannot drain the account. Other banks do not offer this feature and simply allow either account holder to withdraw any amount at any time. When you open a joint account, ask the bank what controls are available and whether the parent can adjust them later.
If the minor reaches the age of majority (18 or 21, depending on your state), the account does not automatically change. The parent remains a joint owner with the same rights unless both parties agree to remove one person from the account. This is a separate step that must be done at the bank.
Custodial accounts and when the minor gains control
A custodial account is set up under a state law called the Uniform Transfers to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA). The account is legally owned by the minor, but an adult (the custodian) manages it and controls all withdrawals until the minor reaches the age of majority. The custodian can withdraw money for the minor's benefit — to pay for school, medical care, or other needs — but cannot use it for their own purposes.
The minor cannot withdraw money from a custodial account without the custodian's permission, even if their name is on the account. When the minor reaches 18 or 21 (depending on the state and the type of account), the custodian's control ends automatically, and the minor becomes the sole owner. At that point, the minor can withdraw all the money or leave it in the account.
Custodial accounts are often used for gifts, inheritance, or money set aside for education. If you are a minor and you think your account might be custodial, ask the parent or guardian or call the bank and ask what type of account it is. The bank can tell you the exact age at which you will gain full control.
ATM withdrawals and daily limits
Many banks allow minors to withdraw cash from ATMs using a debit card, but they set a daily limit on how much can come out. This limit might be $50, $100, or $200 per day — it varies by bank and by the account type. The limit resets each day, so if you withdraw $50 on Monday, you can withdraw another $50 on Tuesday.
Some accounts have no ATM limit but do have a limit on in-person withdrawals at the bank counter. Others have the opposite — you can withdraw large amounts in person but only a small amount from the ATM. The parent or guardian can usually change these limits by calling the bank or logging into the online account.
If you need to withdraw more than the daily limit allows, you will need to ask the parent or guardian to either increase the limit or withdraw the money for you. This is a conversation worth having before you need the money, so you know what options exist.
What happens when you turn 18
When you reach 18, the rules do not change automatically. A joint account remains a joint account unless both the minor (now an adult) and the parent agree to remove one person. A custodial account converts to a regular account in the minor's name alone, and the custodian's control ends. A teen checking account with parental controls may stay the same or may be converted to a standard adult account, depending on the bank's policy.
If you turn 18 and want to take full control of a joint account, you will need to go to the bank with the parent and ask to remove them from the account or to convert it to an account in your name alone. If the parent refuses or if you cannot reach them, the bank can tell you what options are available. Some banks allow you to open a new account in your name alone and transfer the money yourself.
For custodial accounts, you do not need to do anything — control transfers automatically on your 18th or 21st birthday. The bank may send you a notice when this happens, or you may need to call and ask them to update the account status.
Withdrawing money from a parent's account that you do not own
If the account is in the parent's name only and you are not listed as an owner, you cannot withdraw money from it, even if the parent told you the money is for you. You have no legal right to access the account. The parent must withdraw the money and give it to you, or add you as a joint owner (which requires going to the bank together).
If a parent has passed away and left money in an account, you cannot access it by yourself. The money becomes part of the parent's estate and must go through probate or be distributed according to the parent's will or state law. A lawyer or the probate court can explain what happens next and who has the right to the money.
What to do if you cannot access your money
If you believe you should be able to withdraw money from an account but the bank is refusing, or if you are locked out of your account, start by asking the parent or guardian on the account. They may have set restrictions you were not aware of, or there may be a hold on the account for a reason (such as a pending check or fraud investigation).
If the parent cannot or will not help, call the bank directly and ask to speak with someone about account access. Bring your ID and be ready to explain the situation. The bank can tell you whether there are restrictions in place, whether there is a hold, and what steps are needed to access the money. If you are 18 or older and the account is in your name, you have more rights to information and access than you do as a minor.
If you suspect the parent is misusing money that was meant for you, or if there is a family dispute about the account, you may need to speak with a lawyer or contact your state's banking regulator. These are rare situations, but they do happen, and there are people who can help.
Frequently Asked Questions
Can I withdraw money from my account without telling my parents?
If your account has parental controls or daily limits, you can withdraw up to those limits without asking permission. If you want to withdraw more than the limit allows, or if the account requires parental approval for withdrawals, you will need to ask. The bank's rules, not your parents' wishes, determine what you can do.
What if my parents put money in my account but I cannot access it?
The money may be in a custodial account, which you cannot touch until you reach 18 or 21. Or the account may have withdrawal restrictions set by your parents. Ask your parents what type of account it is and what the rules are. If they will not tell you, call the bank with one of them present and ask directly.
Can I open my own bank account without my parents knowing?
Most banks require a parent or guardian to co-sign any account opened by a minor under 18. Some banks allow minors 16 or older to open accounts with limited features, but policies vary. You would need to visit a bank branch in person and bring an ID to find out what is possible at your bank.
What happens to my account when I turn 18?
A joint account stays joint unless you and your parent both agree to change it. A custodial account automatically becomes yours alone. The bank may send you a notice, or you may need to call and ask them to confirm the change. After that, you have full control over all withdrawals.
Can my parents take money out of my account after I turn 18?
If the account is joint, yes — both owners can withdraw money. If the account is in your name alone, no — your parents have no legal right to the money. If you want to remove a parent from a joint account after you turn 18, you will need to go to the bank together or ask the bank what options exist if your parent refuses.