My business partner and I have a business account. My partner's personal account was overdrawn. Without asking or telling me, the banker moved money from our business account to cover my partner's overdrafts. Can they do this?
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Your deposit agreement most likely contains a clause that allows the bank to offset a debt owed them, the overdraft, with money they owe you, the other account. All that is needed is common ownership between the accounts, and by common is meant one or more owners in common.
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Your deposit agreement most likely contains a clause that allows the bank to offset a debt owed them, the overdraft, with money they owe you, the other account. All that is needed is common ownership between the accounts, and by common is meant one or more owners in common.
