My husband and I were past due on one of our notes in the bank by about 3 months. We have always made our payments on time prior to this, however due to circumstances beyond our control, we were past due. Our banker withdrew every penny we had in our checking account, without notifying us prior to doing it. My husband and I had the funds in our account to pay on the note, and enough to cover some of our bills. When he withdrew the funds, we had outstanding checks that he then bounced. Can this action on his part be legal? Doesn't the bank have to give you notice prior to doing this?
2006-11-21 10:58:48 · 8 answers · asked by sparkplug 1 in Business & Finance ➔ Personal Finance
It depends. Check the conditions and terms of your note. They could have been attached to your checking account, or secured to them...as a type of colladeral. After a certain period set by the condition....yes he could take the money.
If it was not part of the term of the note....then you should have been notified. The banker could not touch your money without a court-order to do so. If he had a court-order and you weren't aware of it....then yes..again he was within his rights.
If none of the above is true, then your banker is guilty of theft, even if he used the money to pay down or off your note. The money in the account shouldn't have been touched. The bank doesn't have to notify you of anything...even an overdraft. They do this as a courtesy. We are responsible for our accounts.
2006-11-21 11:05:15 · answer #1 · answered by tjjone 5 · 0⤊ 0⤋
What "A" should have done was to take "B" off of the bank account because no matter who contributes more to the joint account, it is still a joint account enabling either party to make as many withdrawals or deposits as they wish. What they can do is to close the account and sue in small claims court for the money owed for the employment services.
2016-05-22 10:33:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First of all I do feel for you as ive had the same thing happen to me prior.The anwser is in most cases,no you have no recourse.More than likely in your fine print in your agreement with the bank their was probably something stated that they can do this.I know it does not seem fair,however we live in a worldd where basically nothing is fair.Just remember what you went through and try not to let it happen again.
2006-11-21 11:08:32 · answer #3 · answered by porkchophaynes0206 3 · 1⤊ 1⤋
Depends on the terms of your loan. If your loan was secured or otherwise linked to the account then yes, they were in the right to take the money. My question is, if you have the funds to pay the loan why didn't you?
2006-11-21 14:38:43 · answer #4 · answered by personal_finance_101 3 · 2⤊ 0⤋
Ok, I'm only 17....so I know nothing about legal issues and that stuff...but I can tell you that I think that sounds unfair and illegal, and if it somehow isn't...it should be! I just got a checking account a year ago (ish) and if someone touched it w/o asking, I know i'd be upset too!
2006-11-21 11:05:04 · answer #5 · answered by sk8rgrl02631 2 · 0⤊ 0⤋
um i think id seek legal help on this, I dont think they can without a court order or at least some sort of warning (even in the small print)
2006-11-21 11:07:05 · answer #6 · answered by JoAnne H 5 · 1⤊ 0⤋
Without a court order, he should not be able to do that, get a lawyer and sue his greedy butt.
2006-11-21 11:03:06 · answer #7 · answered by Anonymous · 0⤊ 0⤋
think about when open you account did you tick something without reading
2006-11-21 11:10:31 · answer #8 · answered by chriskhine 2 · 0⤊ 0⤋