When the kids were born, DH opened "high yield" savings accounts for them. Since then (14 and 16 years), Grandpa & Grandma or DH have put money in those accounts to be used for college. (BM's name is also on the accounts.) The kids have not had access--no checkbooks, no debit cards--so the money has just been accruing interest.
The kids are going on Spring Break with my SIL next week. As such, we wanted to send them some spending money. DH informed me last night that the girls asked us to put the money in their bank accounts.
Wait what? Apparently, BM got them debit cards for these accounts. DH assured me that he discussed with the kids that they're not to spend the college money. My thought was...really? You really think that's going to work out that way?
I have no problem putting money in the accounts. But for discussion, do you think kids that age (14&16) should have access to that kind of money? We're talking thousands of dollars each.
My general fear considering historical financial responsibility and spending habits of both DH and BM is that the college money is going to go out the window, and fast. The PRIMARY reason DH took the job he did this year was to earn money towards their college fund. I have to be honest, I'm not comfortable with the kids having direct access to that money.
I'm NOT opposed to them having bank accounts and access to their spending money. But the college money isn't for spending. Only got to talk to DH for a few minutes so didn't press the issue as I wanted to think about it more but I did generally say "You really think that you just telling them NOT to dip into their college fund is protection? Hmmm."