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Can only 1 person close a joint checking account?
It turns out that the answer is yes, which was rather a surprise to me. A person I know closed her joint checking account (with her husband) after her divorce, because he kept overdrawing on the account. She tried to have her name removed from the account, but they wouldn't do that without him; however, bizarrely, they were perfectly happy to simply close the account on her say-so. (This may have been practical: they may have just decided "it's better for us to close the account than to take the one person who actually puts money IN off the account.")
Do I as a joint person on a checking account have the right to the check book One of the owners of this account has another person with power of attorney handling the account?
Yes. As a joint owner of the account you have as much right to the account as the other joint owner.
How is a joint banking account of an unmarried couple in the state of Indiana liquidated when one joint account owner passes away?
The surviving joint owner is the sole owner of the account and can maintain it or close it. That is the reason for having a joint account.
What should we do to close our deceased mother's account that's a joint account with my brother and I?
If the account is a joint account with your mother, you and your brother, the surviving joint owners can close the account and share the balance. When the account was opened the three of you should have signed signature cards and all names should be listed as account owners. One or both of you should be able to simply make a withdrawal of the balance and close the account.
Can the bank legally take money from a joint bank account?
If it is a joint account yes. If that persons Social Security number is tied to that account it can be taken. If they are taking it for a lien or garnishment the best solution is to close the account and open it in one name only. The name of the person not being garnished.
If you have a joint bank account do you own the account if the other person passes away?
Yes. Think of a properly formed joint bank account as an account that each person owns in its entirety. If one dies their interest in the account disappears and the survivor is the sole owner.
Can somebody go after your joint bank account in Maryland to collect a debt from just one person?
Yes. A joint bank account is an equal property of all the parties involved in the joint account. So if one of the parties who jointly hold an account owes a debt to the bank, the bank can lay claim to the cash he/she has in an account they jointly hold with another person.
In a joint account if one person files bankruptcy is the other liable?
Yes
Can a check made payable to one person be deposited to joint account?
yes
Can any one close account if their name is not on it?
No. It is a banking policy to verify the security and identity of the account. If the person is not on the account, or they do not have Power of Attorney, we will not close the account.
Is it possible for someone to close a joint tendency brokerage account without the other person?
Yes, it is possible to close a joint brokerage account without the consent of the other account holder, but it typically depends on the brokerage firm's policies and the account agreement. Some firms may allow one account holder to close the account unilaterally, while others may require both parties' approval. It's important to review the specific terms set by the brokerage and, if necessary, consult with a legal professional for guidance.
Can one owner close a joint savings account?
I think it depends on the institution, But as an employee of scotiabank, YES. Either one of the people (primary, or secondary) can close the account. Actually this is the only way to take someone's name off of a joint account as well. It has to be closed and reopened as a sole accounts for both parties.
