What happens to the funds in a joint account if the bank closes the account due to funds owed by one of the account holders?
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If the account was closed because the bank exercised a right of set-off against the funds owed by one of the joint account holders, the funds were taken from the account and applied in full or partial satisfaction of that debt to the bank. If your funds in the account were taken to pay the obligation of one of the other joint account owners, the matter becomes one between you and that joint owner.
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If the account was closed because the bank exercised a right of set-off against the funds owed by one of the joint account holders, the funds were taken from the account and applied in full or partial satisfaction of that debt to the bank. If your funds in the account were taken to pay the obligation of one of the other joint account owners, the matter becomes one between you and that joint owner.
