|
 |
Home >> Accounts >> Checking Accounts
Bank Refuses to Remove One from Joint Account
I opened a checking account with my daughter when she was in high school, so my name is on the account as well as hers. She is now nineteen and continuously overdraws the account. I have asked to have my name removed from the account; I have asked to close the account, and I even asked if the ATM card could be reported stolen. The bank will not let me do anything to get my name off the account, even though she is now an adult. They also won't let me close it unless we both come in together. Unfortunately, she is in the Navy and we live on opposite sides of the country, so there is no way we can get into a bank branch together to close it otherwise I would have a long time ago. Is there any legal means for me to force the bank to remove me from the account or close it?
|
Untitled
|
 Ask the bank to review the provisions of section 4-403 of the Uniform Commercial Code (UCC) which gives any signer on an account with more than one signer, the right to close out the account. Of course, the bank would be within its rights to require that any negative balance be satisfied as a condition for closing the account. If you are successful, notify your daughter, and for your own protection, obtain a written statement from the bank acknowledging that the account is closed, that no further checks or debits will be honored on it, and that the bank holds you harmless from the date of the acknowledgment for any transaction that you yourself did not authorize.
Published on BankingQuestions.com 7/23/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
