Can 1 of the parties legally transfer funds via a telephone request (telephone transfer) out of the account? The bank complied with the telephone request and moved a substantial amount of money to another account without the knowledge of the other signator... is this legal for the bank to do on a dual account?
2006-07-06 19:07:44 · 3 answers · asked by Virg 1 in Business & Finance ➔ Other - Business & Finance
there are three kinds of dual accounts the "or", "and/or" and "and" accounts. if your account falls under the first two then only 1 signatory is needed if your account falls under the last category then both parties need to give their consent.
2006-07-06 20:14:03 · answer #1 · answered by marsheness 1 · 1⤊ 0⤋
Unfortunately, it's legal. Just like if you had a checking account, it only takes one or the other person to write a check. Sorry.
2006-07-06 19:22:01 · answer #2 · answered by Raindrops On Roses 8806 2 · 0⤊ 0⤋
No.Both parties must give consent.
2006-07-06 19:11:29 · answer #3 · answered by eugene65ca 6 · 0⤊ 0⤋