My wife and I had a joint account. We have now separated and we are dealing with solicitors, as we have to agree on how we are going to repay overdrafts in the joint account. I have a business account with the same bank. Can they remove money from my business account without my permission to pay off the overdraft?
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If the business account is in your name (as a sole proprietor), the bank could offset the personal account overdraft against the business account. If, however, the business account is in the name of a corporation or LLC, the bank does not have an offset right.
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If the business account is in your name (as a sole proprietor), the bank could offset the personal account overdraft against the business account. If, however, the business account is in the name of a corporation or LLC, the bank does not have an offset right.
