Account opening, closing, or management

Posted on Posted in Bank, Complaints

review

I am joint owner on my XXXX year old daughter ‘s saving and checking account at Navy Federal Credit Union only for the purposes of assisting her when needing to handle transactions as it pertains to her college education. I found out today XXXX/XXXX/15 that this financial institution transferred {$470.00} from my personal account I have with them to my daughters overdrawn account. When I inquired as to the reason I was told that a signed disclosure justified the transfer. I have no issue with the signed disclosure. My issue as explained to the representative was the amount by which NFCU allowed my daughters account to become overdrawn by. The amount of money taken from my personal account to cover this overdrawn balance is a hefty amount for me and was to be used to pay my own personal obligations. I had my daughter pull up her account information and the account was allowed to go into overdrawn status since XXXX 2015 and with her working on a part time basis she paid for these discrepancies. The charges were for purchases she made in addition to a slew of overdraft protection fees that were allowed and charged. This current policy and procedure has impacted me today in a negative manner and had I not looked at my personal account when I did, I would not have had a clue the funds had been taken. My daughter has been taught how to properly maintain an account and knows if she does not have the money to do without. I say this because I want to make the point that parents do teach their young adults to be responsible but it is rather difficult when you have financial institutions who allow young adults to take that extra mile. What regulations are there if any that would protect the consumer by placing reasonable limits on the amount of allowable approved transactions on an account that is already in overdrawn status? I will be filing a second complaint regarding the same institution about a credit card that my daughter was allowed to open while having no job and being a XXXX student.

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