I am a secondary on my son's and husband's checking accounts. My bank closed my son's account due to numerous overdrafts and has now taken his overdrafts from mine and my husband's accounts. I can't see that that is legal, as I never signed anthing or knew about their ability to do that until now. The banks says it is "implied" when a check is signed or a debit is made. The only purpose of being on my son's account was to watch his activity. I tried for years to get off of it, but was told that I could not.
Untitled
You are the common tie between the accounts. It is very likely that your deposit agreement specifically allows this. Look at your copy, or a current copy of the deposit agreement for the word "setoff" or "offset." This process dates back to old English common law.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
You are the common tie between the accounts. It is very likely that your deposit agreement specifically allows this. Look at your copy, or a current copy of the deposit agreement for the word "setoff" or "offset." This process dates back to old English common law.
