Can a bank get in trouble for closing a joint checking with out both people on account consent??
2007-02-22 03:04:21 · 6 answers · asked by sunflower12687 2 in Business & Finance ➔ Personal Finance
Yes!
they have to have both signatures on the closure form to close the account federal regulations require it. I know this because my ex-husband tried to close our account and the bank refused to do so, and they even contacted me to let me know what was going on. And he was stupid, he could have taken all the money out, but didn't when they wouldn't let him close the acct, so when they contacted me I took all the money except for $1.00 and opened my own acct. HAHAHA who got the last laugh.
2007-02-22 03:11:22 · answer #1 · answered by whatelks67 5 · 0⤊ 3⤋
If the account has been inactive for a certain period of time, the bank can close it without notice, however, some banks do have enough sense to notify the client first...they will forward notice to the address on file and if the address is not where the client still resides...they wait a certain period of time for the client to come in, call or otherwise contact them. If no contact, the bank then closes the account and any money that may have been in the account is left in a dormant state in the event the client eventually comes in again. Otherwise after approx 7 years, the money if not claimed is rolled over to the banks possession or notice is given to the Financial Claims dept which holds it indefinitely.
So, no a bank usually can't get into trouble for closing a joint account unless one of the parties was still using the account and it was active in which case, they would have to correct the issue once you notified them of the error and reimburse any interest lost, checks gone NSF etc. due to their error.
If the bank is closing numerous accounts tho, without any notice and cause people problems...yes, at that point they can get into trouble.
2007-02-22 03:12:59 · answer #2 · answered by dustiiart 5 · 0⤊ 0⤋
Yes, a bank can close an account with only one of the signers present. Most banks do not even require a signature to close the account. The only signature they will need is on the withdrawal slip. The only way a bank won't close the account with only one person present is if the account was set up as needing 2 signatures to withdraw.
2007-02-23 08:36:32 · answer #3 · answered by Texas Girl 3 · 0⤊ 0⤋
I was told that it takes 2 people to open and 1 person to close it.
No they won't get in trouble for it. You may need to have a talk with the other person.
Good Luck!
2007-02-22 03:07:51 · answer #4 · answered by Jo 6 · 1⤊ 0⤋
No the bank wouldn't get in trouble but the person who closed it might.
2007-02-22 03:07:11 · answer #5 · answered by CctbOh 5 · 0⤊ 0⤋
It just depends on your financial institution regulations. Usually both people have to sign something
2007-02-22 03:07:15 · answer #6 · answered by Truely 2 · 0⤊ 0⤋