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As title says I am interested if bank can take my money from my account in case my parent has debt in that same bank (or in other words owes money to that same bank)?

Most importantly, is this something universal across the globe, or answer depends on country?

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    It almost certainly depends on the country, and it also depends on how old you are, and whether your account is your own account in your sole name or whether your parent is a trustee / guardian / etc. on the account. – Vicky Apr 5 '18 at 11:19
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    Which country are you in? Any question of legality depends on that information. – Ben Miller - Reinstate Monica Apr 5 '18 at 12:32
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No.

Obviously there can be circumstances where this is not true, e.g.

  1. You are a minor
  2. You have put in a guarantee for your parents debt
  3. It is a joint account
  4. Weird local/country legislation

Many more examples could possibly exist. But in general, then No. Just because you are related does not mean you are in any way connected financially.

Actually in many cases, even if you are a minor, they cannot touch your money if you own the account.

Countries may have different legislation (some countries can even sentence people to prison through/across generations), but most developed countries will have similar rules regarding this.

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    You're being quiet ethnocentric to think it would be "weird" local/country legislation to allow this and by stating "just because...related...does not mean....connected financially". The idea of individual private property is, both historically and in most countries, the minority view. Familial ownership is a pervasive viewpoint. – Lan Apr 5 '18 at 12:10
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    Is this answer correct? Yes. Obviously there can be circumstances where it isn't correct. Wait... what? A few wording tweaks would improve this answer significantly. – Hart CO Apr 5 '18 at 14:42
  • You mean the bank can empty the bank account of a minor if the parents are in debt? – gnasher729 Apr 13 '18 at 16:18
  • @gnasher729 not necessarily - depends on the circumstances and the setup – ssn Apr 13 '18 at 16:49
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In general, No. You are a separate legal entity from your parents. If an account is in your name, it belongs to you and not your parents. I think this applies even if you are a minor.

The only way the bank would be normally be allowed to do such a thing would be if you agreed to allow them to do so, such as if you already agreed to provide a guarantee to your parents, or if the account was held jointly with your parents.

Even if you personally had two accounts, one in the name of a business that you controlled (a separate legal entity) and your personal account, they wouldn't be able to take money from your personal account. Usually in these situations however, the bank often requires a personal guarantee to open the business account.

One exception to the rule is in the case of impropriety. If the bank was asking to be paid back, and then suddenly you were 'given' the entire balance of your parents account. It could be argued that this action was just performed to prevent the bank from getting their money back (a kind of fraud). As a result the bank might be able to 'trace' the money. It doesn't matter which bank the money is held in for them to trace it, but if is in a different account at the same bank, it requires less legal process for them to get hold of the money.

These are general rules for "common law" countries (USA, UK, Canada, Australia, NZ, India etc.). Your specific situation will depend on the local laws in your country and any agreement you signed with the bank when you opened the account. A local lawyer would be able to advise you more precisely.

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No, as per the answers above, but in addition divulging personal information is a breach of law (UK = Data Protection Act) and for the Bank, it would mean a large fine and other consequences. If you are similarly protected by law then record the incident and complain. Writing to the head office with detail and calling/writing to the Ombudsman will get a great deal of assistance to resolve this matter, regardless of what you may be experiencing with your local Bank.

Answers can vary, Western law is very different financially from other countries.

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