State Saving Withdrawal - Minor

[waterman]

Hello,

I have four child/minor state saving 5 year cert accounts maturing in Jan this year. I completed the form to return the money for each child by electronic transfer to mine and my wife's joint account. I received a reply from state savings saying they cannot do this as the child's names are not on the account. The letter is clear that to withdraw the funds i need to open a bank account for each child.

I have read the important notes. Point 3 Bank Transfers second sentence states the following " The IBAN provided must be in the names of at least one of the State Savings account holder" - this would indicate the letter i received to be correct.

However the next sentence says "If an IBAN is provided for a bank account that is a) not in the name of all Ireland state saving account holders or b) is in the names of third parties additional to the Ireland state saving account holder, by signing in the bank transfer instruction panel you are authorizing the funds to be paid to this IBAN."

Am I correct to read the part B) as saying they can transfer the matured savings to my wife and I bank account?

Interested in peoples thoughts?

 

[ClubMan]

by signing in the bank transfer instruction panel you are authorizing the funds to be paid to this IBAN."

Doesn't that mean the signature of the state savings account holder but, as minors, they're not old enough to sign such an authorisation?

 

[waterman]

I do not know to be honest if that is what this means.

Is it worth me discussing this point with them to get clarity?

Thanks

 

[ClubMan]

Is it worth me discussing this point with them to get clarity?

I would think so.

 

[ClubMan]

they're not old enough to sign such an authorisation?

Having said that, I do recall being allowed to sign for deposits and withdrawals using my An Post deposit account book from age 7 - but that was many, many years ago...

Oh - it's still possible...

Can I purchase Ireland State Savings Products for a Minor (under 18)? | Ireland State Savings

www.statesavings.ie

Can a child withdraw money from a Deposit Account (Post Office Savings Bank) without parent or legal guardian?​

Once a Minor is 7 years of age they may operate the account totally independently of the Parent/Legal Guardian.

In the case of an active account for a child under 7 the Parent/Legal Guardian must initiate a withdrawal instruction through Ireland State Savings, GPO, Dublin 1, D01 F5P2.

 

[ClubMan]

Oh, from the same page linked above...

Can someone other than a Parent/Legal Guardian purchase Ireland State Savings products for a Minor?​

Yes, however the Parent/Legal Guardian must sign the consent declaration on the application form. Minors over 7 years of age will be required to sign any subsequent documentation, such as Repayment Forms.

So, if any/all of the minors involved are 7+ just get them to sign the form?

 

[waterman]

So, if any/all of the minors involved are 7+ just get them to sign the form?

They are all over 7 and i did have them all sign the form.

So i think a call will be worth it, hopefully get someone knowledge. I just do not want to open 3 new bank accounts (the oldest child has a credit union account).

Thank you for the replies.

 

[niceoneted]

Does the credit union account have an IBAN associated? You should be able to transfer to it if it does.

 

[waterman]

Had a call with State Savings. Looks like it is the "additional" in the part b is preventing a minor/child savings being withdrawn to the parents account.

b) is in the names of third parties additional to the Ireland state saving account holder

I have now requested they send a cheque and once i get my kids bank accounts opened will lodge the cheques.

Why is nothing ever straight forward?