I have a property management account in trust for my client. We are terminating the contract and the bank took my name off of the account and assigned it to my client. I was the only signature on the account. Is this legal for the bank to do?
This was probably not the appropriate way for the bank to have handled the transaction, even if all of the funds would ultimately gone to your client, and this is to suggest that that is the case. You were the bank's customer if you opened the account, unless there were special provisions in the contract for that account. As the customer, you should have had control of the situation, and the responsibility for delivering any funds to your client. If you have lost funds as a result of the bank's actions, and if you are unable to recover your portion of the funds from your former client, you should contact the bank and make a claim quickly.
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This was probably not the appropriate way for the bank to have handled the transaction, even if all of the funds would ultimately gone to your client, and this is to suggest that that is the case. You were the bank's customer if you opened the account, unless there were special provisions in the contract for that account. As the customer, you should have had control of the situation, and the responsibility for delivering any funds to your client. If you have lost funds as a result of the bank's actions, and if you are unable to recover your portion of the funds from your former client, you should contact the bank and make a claim quickly.
