Oh, that is funny... Nothing that bad has ever happened to anyone I know. I got my bank account when I was 16, though, and the only way they'd let me have one is if my dad's name went on it too. So technically he could have drained it any time he wanted... not that he would have.
Of course, I've known my parents' PIN number for years and years, and only ever used it once (at a store that wouldn't take credit, only debit, and I didn't have any money at all and Mom needed what I was buying).
My Dad opened my first account, too.
But that was at a different bank. So I'm not really sure HOW they did the address switch.