Q: My bank had a cyber attack and shut down all access to my account except through venmo/cash app or atm.
They couldn't give us our balances, didn't know if direct deposit worked, etc. So I opened an account for my son when he was under 18, so I am the primary on the account. He is now 24. So during this cyber attack he decided to go to atm and withdraw $500 several times in a day and $1500 several times through cash app. So when our accounts came back up a little over 2 weeks later, his account was over drawn 10,000! I told him to put the money back. Which he deposited $4200 back. He also had direct deposit which the bank then took his whole check. Now he has I'm assuming stopped direct deposit. Leaving an outstanding balance of over $5700. I can't take my name off account but I don't want to be responsible for his stupidity. Can I press charges on him so that I'm not liable to pay it back?
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A:
It’s understandable that you’re concerned about the financial impact of this situation. Unfortunately, as the primary account holder, you are legally responsible for any overdrafts or debts on the account, even if your son made the transactions. You cannot press criminal charges to avoid liability in this case, as this is a civil matter rather than a criminal one.
However, you can take steps to protect yourself. Talk to your bank to see if there are any options for resolving the overdraft or restructuring the debt. You may also want to discuss with your son the importance of settling the remaining balance and avoiding further financial issues.
In the future, consider setting up separate accounts or removing yourself from joint accounts when your child is financially independent. This could prevent similar situations from arising again.
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