|
 |
Home >> Accounts >> Checking Accounts
Closing Account: Who is Liable for Late Checks?
I have a joint checking account with my recent ex-boyfriend. I want to close it. Am I liable for any checks he writes after the account is closed?
|
Untitled
|
 Make sure that, when you close the account, you work with the bank. Don't simply write a check for the balance, because that won't ensure that the account gets closed.
Tell the bank that you don't know whether there are any outstanding checks that are signed by the joint account holder, but insist that the bank permit you to close the account as permitted by Section 4-403 of the Uniform Commercial Code, and ask that the bank agree to return any checks presented as "account closed." You should also obtain a letter from the bank stating that you will not be liable for any fee or transaction on the account after (today's date).
Finally, if you or the joint owner has an ATM or debit card that can access the account, make sure the bank cancels it, and ask the bank if it will notify the former joint owner of the account's closure. If the bank doesn't routinely do that, you should notify him yourself, just so he can't claim ignorance of the fact that the account was closed.
Published on BankingQuestions.com 8/25/09
|
| |
|
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
