CD issue- Not in my name any longer?

[Mikeb]

When I was a minor, my Grandmother set up a CD in my name, worth approximately 60K. My Father transferred the CD to my mother's name when I was about 15 (she was apparently named the custodian). Now that I'm almost 23, I brought up the fact that I'd like this money to invest, if it is indeed my money. My father claims it's better off being safe in a CD. I don't want this money causing drama, but I do think it is better off growing in a mutual fund. Is it unreasonable that I want this money now?

I'm not trying to be a greedy son, but it is my money, right?

 

[brett]

No. Bottom line is that it is yours. Invest it, spend it..whatever.

It has absolutely nothing to do with greed. You are correct. It is about ownership and control.

 

[Meadbh]

I can't see how it could be legal for your father to transfer ownership if he never owned the CD. If your mother is a custodian, surely it could only be till you became an adult. I think you should get all the documentation and your ID and approach the financial institution. The sooner you get control, the better.

 

[pb4uski]

Assuming that your name is on the CD (which it should be if your mother is only the custodian) I would think you could walk into the bank, show them your IDs (passport and drivers license) and walk out with a check in your name.

However, to do that would probably cause a BIG rift with your folks (I know I would be upset if DS did that) so it may not be the right move.

So to keep peace in the family, perhaps you can convince Dad that a CD is too conservative for a 23 year old and that a good balanced fund like Wellington is more appropriate for someone your age. Be patient.

P.S. As of last week PenFed was offering 3-7 year CDs at 2.02% APR.