My grandfarther set up some accounts in Vanguard Money Market Fund, back when i was 16-17 years old. Id give him all my paychecks because i thought he would put them in he bank for me instead of doing this. He set up four accounts for me and i was able to acess one sending in a letter to Vanguard stating that i was 18 years old. So, the other two accounts im really worried about them because i don’t know anything on when i will be able to get ahold of them. So, the two i have are an Educational fund which has my name on the front and my mothers name after and the next one i have is a Guardian Account with my name on the front and my grandfathers after and (which my money has went into from my job). I called Vanguard and they said that even though the accounts in my name that i would have to have my grandfather send in a letter saying that it’s okay for me to access the account. The problem is he just put it in their for me so i wouldn’t spend it and he’s not going to send in a letter for me at all because of this. So, is their any way i can access these accounts, im really upset that he put all my job money that i earned in there. I just need to get ahold of one of these accounts because im trying to move out of my parents house and i don’t have a job right now along with nothing to live off of besides the job checks i gave to my grandfather to put in a bank to save that i could access. (he wouldn’t take it out for me ethier). So what should i try to do about this? Does anyone know when if i can’t do anything about it when ill be able to access these?
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No.
I think you are missing what Vanguard is telling you: in non-technical language having a Guardian in the world of banking and investing means that you are NOT in charge of the account. Guardianship gives someone else the right to control the account. Your age may or may not matter. In most cases it does not. If Vanguard told you that you must still have your grandfathers approval, that means either the account has no release or a release at an age other than 18.
For money being saved for education, it is entirely possible to have it kept from you indefinitely. All of the money I have saved for my nephews and nieces is under my control until I die (regardless of their age). If I die, they have to be 25 to get the money for anything other than payment of college tuition.
I doesn’t matter if you paid in some of the money or not. It only matters who controls the account.