If you are the representative payee on someone's bank account, can you be liable for any transactions that are made on the account if it is in the negative balance?
2007-03-19 08:47:38 · 5 answers · asked by stella 2 in Business & Finance ➔ Personal Finance
Yes. You said it yourself, YOU are the representative for this person's account. You represent them and their overdrafts. If you were representing the account effectively you would have not allowed this transaction to take place without your approval, so sorry but you are responsible for whatever the account holder does not take care of. Next time let them be their own payee.
2007-03-19 08:58:51 · answer #1 · answered by Kendra J 3 · 0⤊ 0⤋
When your name is on any account your liable for any negative things at all if they owe you owe, and can be put on your credit report. If you dont have the money to make payments on something never co-sign or have joint accounts! If you co-sign for a car your the one their really giving the car too if the other person had good credit they wouldnt need a co signer, you are the first person they contract when the payments late wanting their money.
2007-03-19 15:53:42 · answer #2 · answered by letthepartybeginnow 3 · 1⤊ 1⤋
I believe you can,if your name is on the account. you would be just like a spouse on the account. best bet check with the bank.
2007-03-19 15:53:01 · answer #3 · answered by deer hunter 1 · 0⤊ 1⤋
yes if your name is on the account and there not reachable they can and will go after you
2007-03-19 15:49:57 · answer #4 · answered by Juleette 6 · 0⤊ 1⤋
gimme a break of that kit kat bar
2007-03-19 15:50:14 · answer #5 · answered by Anonymous · 1⤊ 1⤋