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Possibility of Getting Missing Money Back
Money had been disappearing from my father's account, and finally ended up being quite a sum. The bank is investigating it, but we have a feeling it was my brother, so when the bank finds out, what would our options be to get the money back?
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 You will first have to await the bank's report on the missing funds. Then, here are some options:
1. Your father can enter a claim against the bank for wrongful payment of the funds. This might be started before he gets the bank's final report of its investigation, to make sure it's timely. If there is a series of withdrawals involved, and they took place over an extended period of time, the bank may be protected from having to honor all of such a claim, particularly if the bank issued periodic statements on the accounts. You didn't say what type of account or accounts were involved.
2. If the bank is required to reimburse your father for some or all of the wrongful payments, the bank may take legal action to recover funds from whoever it determines received them, your brother, for example.
3. For funds for which the bank is not required to reimburse your father, the thief can be pursued with legal action for recovery, or the parties can settle outside of court. If it's your brother, you and your Dad may try to work with your brother without dragging him into court. It's often hard to take legal action on family members. If your father or the bank takes legal action to recover the wrongfully paid out funds, their action will require proof that the defendant, whoever he or she is, received the funds.
Published on BankingQuestions.com 1/16/09
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