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So to make more sense of this, I am under the age of 18 but I have a bank account with my mom as a cosigner. Also my parents are divorced so when I mention them they don’t control each other. I recently won a local competition and the prize was $500. My mom was still at work so when I went home I mobile deposited the check. This was yesterday, Saturday, so the check won’t clear until monday, tomorrow. However today when my mom got home I showed her the check and she said I wasn’t supposed to deposit it myself, as it was “college money.” The check itself is in my name and has no mention of specific use anywhere. She takes the check for reasons unknown to me. My question is what can she do with this physical check. Can she cancel the deposit and deposit it into her own account? I only ask this as my mother has taken money from previous bank accounts and don’t want a sum as large as this to go to her. And another note for those worried is that my dad and grandfather contribute to a college fund in my name every month, and it’s a stock and bond based account. Thanks!
She can't do anything with the actual check. However, since you are under 18, is she also on your account that you deposited it into? If so, she can pull the money out of that account.
Sounds like you should get a bank account cosigned by your dad instead.
Call your bank, select the fraud option (they are manned 24/7), and ask them what to do.
I don't believe she'll be able to cancel the deposit. It's one of the catches with checks, once you deposit them you can't really stop the processes that be (omitting the issuer putting a stop payment on the check before it is negotiated).
If she tries to deposit the check herself somewhere else then it is going to get returned. Worst case scenario is that something screwy happens with the check negotiation and your deposit gets returned, that could happen if for instance she cashed the check at the bank it was drawn off of.
Not likely, especially with it being made out to you, but she could get a teller who does it for her anyway and that might make things messy.
There are some comments about this here, but just to add it in, if she is on the account then she can just take the money out anyway. I'd check with the credit union about that.
If you find out that she isn't actually a joint owner, this is how you prevent her from doing anything with your checks, you are going to write:
For Mobile Deposit Only
To Account Number
[your account number]
You can't really get past that without making it look super fraudulent. You don't want to sign the check in these instances.
On another note, I'd look into getting an account opened with your father on it. It could even be an online bank.