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Is it possible for a joint account holder to take all the money from the other joint account holder?
Wiki User
∙ 15y ago
yes both have equal rights to the money so one could easliy take out all the funds
Wiki User
∙ 15y ago
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Can you freeze a bank account when the money does not belong to the account holder?
From experience (as far as I know), if you are a joint holder of the frozen bank account, yes, they can garnish, but check your state statues because you may be exempt from garnishment.
Can you get in trouble for taking from your fathers bank account?
It Depends: a. You will not be in trouble if - 1. you are a joint holder of your fathers bank account or 2. Your dad knows that you are going to do it and he doesn't mind b. You will be in trouble if - 1. You are not a joint holder of your fathers bank account and 2. He does not know you are taking money from his account. 3. And - he finds out that you did it
Why put a beneficiary on a joint account?
A beneficiary is the person to whom the proceeds of a bank account will be paid in case of the demise of the account holder. In case of a joint account holder, there will be legal heirs or immediate family members of both account holders. So in the case where either or both of the joint account holders are dead, the bank will be in a fix as to whose family needs to be paid the money that is held in the account. In such a situation the presence of a nominee or beneficiary will be useful to decide who gets the money.
If a credit card holder dies who will be responsible for paying debts on cards?
If the cardholder has an estate, the credit card company can pursue that. In practice they don't really do that. If the account is a joint account, the other account holder becomes wholly responsible for the debt. Otherwise the bank eats the money.
Can you deposit money in your boyfriends bank account if he is not present?
Yes, if you know his bank account number. Deposit has no problem but withdrawal is not possible without authentic signature of the 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.
Is it possible that you and your boyfriend can open a joint account?
Yes, it should be possible. Ask your bank.However, I find it risky, if you are not yet committed to each other, i.e., married. Don't risk too much money in the joint account.Yes, it should be possible. Ask your bank.However, I find it risky, if you are not yet committed to each other, i.e., married. Don't risk too much money in the joint account.Yes, it should be possible. Ask your bank.However, I find it risky, if you are not yet committed to each other, i.e., married. Don't risk too much money in the joint account.Yes, it should be possible. Ask your bank.However, I find it risky, if you are not yet committed to each other, i.e., married. Don't risk too much money in the joint account.
When adding your spouse to bank account does it have to be a joint account or can they just have a card and other access?
It depends on the type of account - and the bank. If you're simply wanting the spouse to be able to spend money that's in the account - they can be added as an additional card holder. Alternatively - if you want the spouse to have equal control of the account (changing credit limits for example) - then it's better to have the account in joint names.
If you have a joint account with an adult child and they close the account and move money to an account with their name only how can you get the money back?
If the joint account holder closes the joint account and moves the money to an account in their name only, you may face challenges in recovering the funds. Options to consider include discussing the situation with the individual and trying to reach an agreement, seeking legal advice to explore any potential recourse or rights, or possibly taking the matter to small claims court if the amount is within the jurisdiction's limit. Ultimately, the specific steps to take would depend on the laws and regulations in your jurisdiction.
In Georgia can a judgment creditor take money from your bank account?
Yes. A bank account can be levied by the judgment creditor even if the account is jointly held. If the account is joint and only one of the account holder's is the named judgment debtor, the non debtor account holder must submit proof to the court as to the amount of funds belonging to them in order to protect those funds from being seized. When it concerns such joint account the court will generally freeze the account and allow the non debtor a specified amount of time to claim his or her exempt funds that are in the account.
Can you have a checking account in your name and require 2 signatures to with draw money with out putting that person joint on your account?
No, typically in order to require two signatures for withdrawing money from a checking account, you would need to add that person as a joint account holder. This means they would have equal access to the account and be able to make transactions independently as well.
Your parents and you had a joint bank account they died who does the money belong to?
A joint bank account belongs to the surviving owner.
