Hi there. When a person opens a savings account with a bank, they enter into a contractual relationship with the bank based on certain terms and conditions. The law says that the customer and the bank must abide by those terms and conditions.

When your parents opened a Youthsaver account with the Commonwealth Bank on your behalf, they entered into a contract with the bank. The terms of this contract were most likely contained in a document called a Product Disclosure Statement (PDS) or something similar. A copy of this document should be available on your bank’s website. The contract between the bank and your parents allows your parents to do certain things, such as linking your account with their own accounts and transferring money in and out of your account.

Although you may consider your parents’ withdrawal of money from your account as unfair, their conduct is not unlawful, provided it is permitted under the terms of the contract. When you reach a certain age (16 years old for Youthsaver accounts), you can request that the bank give you full authority over your account. This would mean that your parents no longer have direct access to your account.