a question trying to catch a freind in a lie - Tilted Forum Project Discussion Community

tacobaal · 06-02-2005, 08:38 PM

well not really a freind of mine but my fiances best freinds boyfreind is getting himself cought up in.

everything is canadian in this so probably not the same for americans but someone might know.

anyways, this guy apparently has 2 bank accounts with 250k+ in them (he is 18 that kinda debunks it all right off the bat) but apparently he cant touch any of the money (exept to buy a house or a truck) because they are both "under 2 contracts"

now being compleatly oblivious to any thing to do with banks other then how to take out what little money i have lol, i am fairly sure this is BS, but just wanted to know if there was any such accounts that only let you take money out to buy a house or truck. (and he is only collecting $200 a year intrest on it which seems a little low but again i dont know)

shakran · 06-03-2005, 04:58 AM

you're describing a trust fund. It's set up by someone else - usually a relative - to make sure there's a nest egg for the kid when he reaches a certain age. Until he reaches that age (specified in the trust) he can only get money out for things specified by the trust.

So the kid could have a trust fund that doesn't open until he's 25 and until then he can only buy a house and car.

lindseylatch · 06-03-2005, 07:12 AM

yeah, my boyfriend has a trust fund that would open at 21, unless he went to college, when he was supposed to get it at 18. Except his shitty dad is the executor, and he hasn't seen a dime of that money. But his dad pays the college bills not covered by financial aide (probably out of what's left of the trust fund).

tacobaal · 06-03-2005, 08:35 AM

well a trust fund makes the most sence, but he said (before he said he couldent take it out) that he could take money out but he would lose the $200 a year intrest :S i dont know im just confused lol, thanks for the help guys

greeneyes · 06-03-2005, 04:42 PM

Quote:

Originally Posted by tacobaal

well a trust fund makes the most sence, but he said (before he said he couldent take it out) that he could take money out but he would lose the $200 a year intrest :S i dont know im just confused lol, thanks for the help guys

Sounds like an educational IRA. A lot of parents and grandparents use those as a trust fund and you have to be pulling the money out for bona fide reasons (education, purchase a house or vehicle) or there will be tax penalties (which would probably amount to the interest earned in the year).

It does make sense that his parents and/or grandparents could have set up a few of those accounts for him, so I wouldn't necessarily assume he is lying.

Janey · 06-03-2005, 04:57 PM

Quote:

Originally Posted by lindseylatch

yeah, my boyfriend has a trust fund that would open at 21, unless he went to college, when he was supposed to get it at 18. Except his shitty dad is the executor, and he hasn't seen a dime of that money. But his dad pays the college bills not covered by financial aide (probably out of what's left of the trust fund).

Your boyfriend should thank his lucky stars. He'll be happy for the money when he is 25 or 30, and trying to buy a house.

Marvelous Marv · 06-05-2005, 10:07 PM

Quote:

Originally Posted by lindseylatch

yeah, my boyfriend has a trust fund that would open at 21, unless he went to college, when he was supposed to get it at 18. Except his shitty dad is the executor, and he hasn't seen a dime of that money. But his dad pays the college bills not covered by financial aide (probably out of what's left of the trust fund).

What was it again that makes his dad shitty?

tooth · 06-09-2005, 01:04 PM

Certainly, there are accounts similar to what he describes. But his story does reek of BS. If the only reason he is keeping this money in the specified accounts is because of $200/yr, then he is full of shit. If he really has $250,000, that's less than .1% return.

greeneyes · 06-09-2005, 01:23 PM

Quote:

Originally Posted by tooth

Certainly, there are accounts similar to what he describes. But his story does reek of BS. If the only reason he is keeping this money in the specified accounts is because of $200/yr, then he is full of shit. If he really has $250,000, that's less than .1% return.

Yeah, well, have you seen interest rates lately? They suck.

blizzak · 06-09-2005, 11:50 PM

2.4% on ING direct savings account....
2.15% on PC Financial savings account...

I feel a great swell of pity for whomever does not have one of these or does not invest their money at all.

xwesleyx · 06-12-2005, 12:01 PM

Quote:

Originally Posted by Marvelous Marv

What was it again that makes his dad shitty?

Usually in situations like this, it's a girlfriend/boyfriend that just wants complete control of their SO's life and doesn't want to deal with family. That would probably be what is making him shitty.

06-02-2005, 08:38 PM	#1 (permalink)
tacobaal Tilted	a question trying to catch a freind in a lie well not really a freind of mine but my fiances best freinds boyfreind is getting himself cought up in. everything is canadian in this so probably not the same for americans but someone might know. anyways, this guy apparently has 2 bank accounts with 250k+ in them (he is 18 that kinda debunks it all right off the bat) but apparently he cant touch any of the money (exept to buy a house or a truck) because they are both "under 2 contracts" now being compleatly oblivious to any thing to do with banks other then how to take out what little money i have lol, i am fairly sure this is BS, but just wanted to know if there was any such accounts that only let you take money out to buy a house or truck. (and he is only collecting $200 a year intrest on it which seems a little low but again i dont know)

06-03-2005, 07:12 AM	#3 (permalink)
lindseylatch Addict Location: Seattle, WA	yeah, my boyfriend has a trust fund that would open at 21, unless he went to college, when he was supposed to get it at 18. Except his shitty dad is the executor, and he hasn't seen a dime of that money. But his dad pays the college bills not covered by financial aide (probably out of what's left of the trust fund). __________________ "Those who can make you believe absurdities can make you commit atrocities" "If God did not exist, it would be necessary to invent him." "It is dangerous to be right when the government is wrong." -Voltaire

06-09-2005, 11:50 PM	#10 (permalink)
blizzak Crazy	2.4% on ING direct savings account.... 2.15% on PC Financial savings account... I feel a great swell of pity for whomever does not have one of these or does not invest their money at all. __________________ Fueled by oxytocin!

06-03-2005, 04:58 AM	#2 (permalink)
shakran Tone.	you're describing a trust fund. It's set up by someone else - usually a relative - to make sure there's a nest egg for the kid when he reaches a certain age. Until he reaches that age (specified in the trust) he can only get money out for things specified by the trust. So the kid could have a trust fund that doesn't open until he's 25 and until then he can only buy a house and car.

06-03-2005, 08:35 AM	#4 (permalink)
tacobaal Tilted	well a trust fund makes the most sence, but he said (before he said he couldent take it out) that he could take money out but he would lose the $200 a year intrest :S i dont know im just confused lol, thanks for the help guys

06-09-2005, 01:04 PM	#8 (permalink)
tooth Addict	Certainly, there are accounts similar to what he describes. But his story does reek of BS. If the only reason he is keeping this money in the specified accounts is because of $200/yr, then he is full of shit. If he really has $250,000, that's less than .1% return.