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Is it legal for a bank to take money out of your other accounts if it's a joint account is in the negative?
Wiki User
∙ 11y ago
no
Wiki User
∙ 11y ago
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Can legal order take money from a joint account?
Yes. The holders of the joint account are equal stake holders in the account and a legal order to receive payment from one of the account holders is enough to withdraw/take funds from a joint account.
What happen if the seconary bank holder dies?
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
What happens to a joint checking account in Indiana if one person dies?
In Indiana, when one person dies, their share of the joint checking account typically passes to the surviving account holder. This is because joint accounts have a right of survivorship, meaning that the surviving account holder automatically becomes the sole owner of the funds. However, it is always advisable to consult with a legal professional or the bank to ensure a proper understanding of the specific situation and any necessary legal steps.
The Benefits and Pitfalls of Joint Bank Accounts ?
Joint bank accounts are accounts shared by two or more people. There are many reasons why a person might consider a joint account. Couples frequently open joint accounts to pay bills; parents may decide to share an account with their child; and senior citizens sometimes give another individual access to their account.When two people share a bank account, both are responsible for managing and maintaining the account. Both parties will have full control of the account, regardless of who deposits more money or who is more financially responsible. If one person overdrafts the account, transfers funds, or spends large sums of money, the other person will be held liable for their partners poor habits. Giving someone access to your money can be risky. If one individual takes advantage of the other, they may be forced to pursue legal action to recover their losses. Even then, there is a possibility that their money will be lost.When Joint Bank Accounts Are a Good IdeaWhile joint bank accounts can be risky, they can also be very useful. Business partners, parents, and couples often find these accounts to be extremely convenient. For example, elderly parents that are having trouble managing their own finances can give one of their children access to their bank account. That way, the child can make sure that their parents bills are paid and their finances are in order.Parents and business partners may also appreciate the convenience of joint accounts. Having a joint account will ensure that partners and parents know exactly how their money is being spent. Owning a joint bank account also makes it easy for couples to pay their bills and purchase shared expenses, like groceries and household items.Before opening a joint account, both parties need to understand the potential dangers and advantages. If one party is sued or uses the account irresponsibly, both account holders will be affected. For joint accounts to make sense, account holders need to set rules on spending and learn how to communicate their purchases. When these accounts are handled responsibly, joint bank accounts can be a convenient way for two or more individuals to manage their money.
Can a guardian open joint account of his two children?
A legal guardian is required to take care of all aspects of the children in question. (Within legal limits) Underage children should have a bank account, it should be a joint account or similar to protect the children and the legal guardian would be the person to do this.
Is it legal for Husband take your credit card from purse?
If it is a joint account. probably not.
Can someone sign a check that is not their own?
No, they cannot. It is illegal to sign the check that belongs to someone else. However in case of joint accounts it is enough if either of the account holders sign the check and it is perfectly legal too.
Is it legal to transfer funds from business to personal account?
It is legal as long as both accounts belong to the same person/company. If the owner of a company transfers cash from his business account to his business account it is legal. But, if his Personal Assistant does it from her boss's business account to her personal account, it is illegal.
If you had a joint checking account with your deceased mother will you have to put it an estate account?
Yes, typically when one of the joint account holders passes away, the joint account automatically transfers to the surviving account holder. However, it is advisable to consult with a legal professional to determine if any specific actions need to be taken, such as transferring the funds to an estate account.
If you have a joint checking account with your girlfriend and the two of you break up can she take all the money?
If the account is held jointly, both parties typically have equal access to the funds. However, laws regarding joint accounts can vary depending on your jurisdiction and the specific terms of your agreement. It is advisable to consult with a legal professional to understand your rights and options in this situation.
What are laws with siblings sharing a bank account and one takes all the money out but the other was who the money belonged too?
one of the problems with a joint bank account is everyone on the account has access to all the funds in the account. this also applies to overdrawn balances, if an account has a negative balance then all signers on the account can face the negative consequences. on the other hand if only one of the siblings in question is a signer on the account that person would have legal right to all the money in the account.
Can a 14-year-old get a bank account that is not joint with a parent?
No. the legal age to open a bank account that can be operated independently is 18 years. If a 14 year old wants a bank account, he/she can only get it if they have their parents (either of them) as a joint holder of the account.
