I had a checking account at a bank and my friends kids were listed as Payble On Death. The account overdrew some $800 and they charged it off. It was due to fraud and I'm still fighting it. My friends took their kids there to open an account and they were listed as co-owners of the account. I signed them up as POD not as joint owners. The bank siezed their sons money and was going to do the same to the daughter but they caught it in time. They were told they had to file a police report against me for Identity Theft. I didn't steal anything. They were listed as payable on death not joint owners. Can they legally do this? Change the childrens status on the account and seize thier money. We are going there tomorrow to try and straighten things out. Should I bring a lawyer? Help I'm really stressed about this!
2006-06-07 13:16:19 · 2 answers · asked by slytherin_95 4 in Politics & Government ➔ Law & Ethics
Dear Friend,
Do not let them do this. A person listed as "payable on death" has ZERO interest in your account while you are still alive. They just get any assets left WHEN you die, they are not on the hook for any liabilities -- certainly not while you're alive. Let them know you'll get a lawyer if they don't change their tune -- and that it'll cost them a LOT more than $800. Bank stealing money from innocent children? Most judges and any jury in the world would eat that up.
Your Friend,
Francesois
2006-06-07 13:31:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should definately run this by a lawyer. You might try one of the free sites like: http://www.referraljuncture.com .
Best of luck.
2006-06-12 09:57:22 · answer #2 · answered by Referral J 1 · 0⤊ 0⤋