Discussion Starter · #1 ·
my dad and his wife opened a college fund for my son when he was born. he didn't tell me he was closing them. in the letter he sent with the checks he said they were losing value and wanted me to do whatever i wanted with them. i have two checks made out for $450 total in my dads name and my sons name. he signed them over to me on the back. i took them to a CU and bank and neither would let me deposit them. the second bank said the issuing bank would return the money unless i set up another college fund up because it's made out "FBO" next to my sons name. i'd like to put them in a regular saving with our CU for now. i'm completely clueless about this stuff and don't know what to do. i thought about calling the issuing bank and seeing if they would return the money if it wasn't put into a certain type of account. does anyone have experience with this kind of situation?