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CIFA Marker


John
Posts: 6
 John
Topic starter
(@john-2)
Active Member
Joined: 2 years ago

Okay so I have had a CAT 6 CIFA marker to my name for about 2-3 years for something stupid I did. I’m turning 18 in a few months And I have a Child trust fund account with the bank that requested the marker to be placed on my name. Will I still be able to take out the money of my CTF?

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10 Replies
Cofs
Posts: 21
 Cofs
(@cofs)
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Joined: 3 years ago

Was the child trust fund account set up before the marker was placed?

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John
 John
(@john-2)
Joined: 2 years ago

Active Member
Posts: 6

@cofs yes The child trust fund was set up in 2005 I believe

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John
 John
(@john-2)
Joined: 2 years ago

Active Member
Posts: 6

So yes.

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Cofs
Posts: 21
 Cofs
(@cofs)
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Joined: 3 years ago

From what I know, the money you had in your account before the CIFAS marker, you'll most likely not be able to claim that back in the near future

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John
 John
(@john-2)
Joined: 2 years ago

Active Member
Posts: 6

@cofs

I am worried about this but surely I have entitlement to the money as it’s money my parents put into the accounts, I also do not have any outstanding payments or debts I owe to the bank. Wouldn’t I just be able to close the account and ask for the money that way?

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John
 John
(@john-2)
Joined: 2 years ago

Active Member
Posts: 6

Also just to clear up the Trust fund account is different from the cash account but they are both linked under my name. So if I was to login to online banking I would see both accounts pop up individually. 

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Cofs
 Cofs
(@cofs)
Joined: 3 years ago

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Posts: 21

@john-2

So you're still able to log into your online banking? Have you tried that?

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John
 John
(@john-2)
Joined: 2 years ago

Active Member
Posts: 6

@cofs Yes I am still able to login to my online and mobile banking. I can still do certain things such as changing addresses. I have 3 accounts in total. Cash account, savings and the child trust fund. I cannot take/remove money from the cash account, however I am able to move money from my savings into my cash account. And I have my trust funds which I cannot access yet due to my age, I’m actually thinking about going to the bank tomorrow to close both my savings and cash account.

 

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Cofs
 Cofs
(@cofs)
Joined: 3 years ago

Eminent Member
Posts: 21

@john-2

I didn't imagine you'd still have access to mobile/online banking to a mainstream bank with a CIFAS marker. If that is the case, that you can literally still see the money in your account and move the money around, I would imagine that once the CIFAS marker has been lifted - you'd be able to access the money again.

However I doubt you'd be able to take the CTF money out at the moment.

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Jamessmith
(@jamessmith)
Joined: 2 years ago

New Member
Posts: 1

@john-2 did you get your money back?

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