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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?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
If both siblings are listed as joint owners of the bank account, then legally both have equal rights to the funds in the account. If one sibling takes all the money without permission, it could be considered theft. The other sibling can seek legal recourse by reporting the incident to the bank and potentially involving legal authorities.
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