CIFA Marker

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John

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Oct 22, 2020 9:28 pm

(@john-2)

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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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Cofs

Oct 26, 2020 1:35 pm

(@cofs)

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Joined: 4 years ago

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

John

(@john-2)

Joined: 3 years ago

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Posts: 6

Oct 26, 2020 1:46 pm

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Cofs

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

John

(@john-2)

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Posts: 6

Oct 26, 2020 1:46 pm

Reply to

John

So yes.

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Cofs

Oct 26, 2020 2:46 pm

(@cofs)

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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

John

(@john-2)

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Oct 26, 2020 2:50 pm

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Cofs

@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?

John

(@john-2)

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Posts: 6

Oct 26, 2020 2:51 pm

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John

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.

Cofs

(@cofs)

Joined: 4 years ago

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Posts: 21

Oct 26, 2020 4:49 pm

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John

@john-2

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

John

(@john-2)

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Posts: 6

Oct 26, 2020 5:03 pm

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Cofs

@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.

Cofs

(@cofs)

Joined: 4 years ago

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Posts: 21

Oct 28, 2020 7:58 pm

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John

@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.