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California Banking Questions & Answers
1 Answer | Asked in Banking and Business Law for California on
Q: Should I electronically link my business checking and personal accounts at my local bank?

I own real estate and have a dedicated LLC business checking account at my local bank for it. This account is separated and there is *no* link to my personal account at the same bank. However, the no link is getting to be a hassle for transferring money because I must write a check to myself every... View More

James L. Arrasmith
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answered on Mar 8, 2024

When managing both personal and business finances under the same bank, the convenience of linking accounts can be appealing. However, it's important to weigh this convenience against potential risks, especially concerning liability and litigation. Keeping your business and personal accounts... View More

2 Answers | Asked in Consumer Law and Banking for California on
Q: Is it legal for a bank to refuse to issue you a cashiers check with verified funds deposited the same day?

Hi I live in the state of California. I went to the bank today to obtain a cashier's check. The teller questioned the validity of the wire transfer in my account. He questioned if I worked for the bank. Then the teller refused to issue a cashier's check to me saying that he had the right... View More

James L. Arrasmith
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answered on Mar 7, 2024

In general, banks have the right to set their own policies regarding the issuance of cashier's checks, including holding periods for recently deposited funds. However, the situation you described raises some potential concerns.

1. Wire transfers: Funds received via wire transfer are...
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2 Answers | Asked in Consumer Law and Banking for California on
Q: Is it legal for a bank to refuse to issue you a cashiers check with verified funds deposited the same day?

Hi I live in the state of California. I went to the bank today to obtain a cashier's check. The teller questioned the validity of the wire transfer in my account. He questioned if I worked for the bank. Then the teller refused to issue a cashier's check to me saying that he had the right... View More

Leon Bayer
Leon Bayer
answered on Mar 8, 2024

This is a very strange tale. I would not fault the bank for putting a hold on a deposit that they just received. But that's not what they did, because they gave you the cash! But I see no legal rights that the bank violated. You can call the bank branch manager to complain about the teller..... View More

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2 Answers | Asked in Consumer Law and Banking for California on
Q: Citibank will not release my secured credit card deposit. Are their actions legal?

I had a secured credit card with Citibank that I placed a $400 deposit down on. I had the card for about 4 years and made my payments on time. I lost my job & was unable to pay the due balance ($315). Citibank closed my account, sold it to a collection agency and kept the $400 deposit. Now, I... View More

James L. Arrasmith
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answered on Mar 6, 2024

Under California law, the legality of Citibank's actions in retaining your secured credit card deposit while your account was sold to a collections agency depends on the specific terms and conditions of your secured credit card agreement and applicable financial regulations. Generally, secured... View More

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2 Answers | Asked in Consumer Law and Banking for California on
Q: Citibank will not release my secured credit card deposit. Are their actions legal?

I had a secured credit card with Citibank that I placed a $400 deposit down on. I had the card for about 4 years and made my payments on time. I lost my job & was unable to pay the due balance ($315). Citibank closed my account, sold it to a collection agency and kept the $400 deposit. Now, I... View More

Leon Bayer
Leon Bayer
answered on Mar 6, 2024

I suspect that your $400 deposit was used up and your account became overdrawn by the $315 amount. That should be visible on your monthly statements sent to you before and after that particular time. But that's just a guess, and it would be wrongful of Citibank to fail to provide you with a... View More

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2 Answers | Asked in Civil Litigation, Contracts, Consumer Law, Banking and Gov & Administrative Law for California on
Q: Got atv fiance but didn't get any paperwork to register. Fiance company says they don't lease items that need regist.

California requires registered atvs to ride anywhere. Requested from store for months. Store has no Vin or serial number of item sold. Kafene doesn't lease items that need registering. Store is labeled a furniture store to kafene when it's a powerboat store. After 6 months of trying to... View More

Leon Bayer
Leon Bayer
answered on Mar 5, 2024

It sounds to me like you leased something that is meant solely for offroad use and is not street legal nor capable of being street legal in California. It is my understanding that atv's are not street legal. In fact I have never seen one being driven on a street or highway. I'm sure you... View More

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2 Answers | Asked in Civil Litigation, Contracts, Consumer Law, Banking and Gov & Administrative Law for California on
Q: Got atv fiance but didn't get any paperwork to register. Fiance company says they don't lease items that need regist.

California requires registered atvs to ride anywhere. Requested from store for months. Store has no Vin or serial number of item sold. Kafene doesn't lease items that need registering. Store is labeled a furniture store to kafene when it's a powerboat store. After 6 months of trying to... View More

James L. Arrasmith
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answered on Mar 5, 2024

In California, all ATVs (All-Terrain Vehicles) must be properly registered with the California Department of Motor Vehicles (DMV) for legal operation. If you purchased an ATV but did not receive the necessary paperwork for registration, this complicates your ability to use the vehicle lawfully. The... View More

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1 Answer | Asked in Criminal Law, Federal Crimes and Banking for California on
Q: Hello, I am looking for some advice for a legal issue. When I was 17 years old, I opened a credit card and a bank accoun

Hello, I am looking for some advice for a legal issue. When I was 17 years old, I opened a credit card and a bank account. Under all my information, such as social security number, name, address, everything was correct, except for the year of my birth, which I set to be 18 instead of my correct... View More

James L. Arrasmith
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answered on Mar 3, 2024

Addressing this issue involves taking proactive steps to correct the misinformation with the bank and credit card company. Contacting them directly to explain the situation and requesting guidance on how to amend your date of birth on your accounts is a good starting point. Most institutions have... View More

1 Answer | Asked in Banking, Civil Litigation, Contracts, Estate Planning and Identity Theft for California on
Q: I think my family and my husbands family forged tricked me and my husband forged and altered documents what can I do?

we keep having bank issues and we went to a bank and my father in law knew the bank employee and we found accounts opened illegally and are signatures forged them my brother said he worked fkr triple A bit its an interexchange insurance agency and they altered and misrepresented what tyoe of... View More

James L. Arrasmith
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answered on Mar 2, 2024

Under California law, if you suspect fraudulent activity, such as forged documents, identity theft, and unauthorized opening of accounts or businesses in your name, taking immediate action is crucial. First, consider contacting a legal professional with experience in fraud or financial crimes. They... View More

1 Answer | Asked in Banking and Business Law for California on
Q: How should large sum of money be deposited(380,000 inheritance)?

My boyfriend has had horrible experience customer service wise with Wellsfargo but says he wants to make it as easy as possible for his sister because it’s taking longer than expected but I read online it’s not as simple as I thought and definitely don’t believe he should do whole amount with... View More

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answered on Feb 28, 2024

When receiving a large sum of money, such as an inheritance of $380,000, careful consideration should be given to how and where the funds are deposited. It's important to understand that while banks like Wells Fargo are capable of handling large deposits, diversifying the placement of funds... View More

1 Answer | Asked in Banking, Consumer Law, Contracts and Federal Crimes for California on
Q: What law give j P. Morgan chase & co the rights to liquidate my assets With out my authorization account not in neG?

What authority gives them the right to of the account isn’t in the negative more is it a regular broker account it’s a self direct account meaning the account holder has full control of account, so what rule of law give jamie dimon and ko Morgan chase & co the rights to ?

James L. Arrasmith
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answered on Feb 24, 2024

In the context of financial institutions like J.P. Morgan Chase & Co. managing client assets, their actions are typically governed by the terms of the account agreement signed by the account holder, alongside applicable federal and state laws. These agreements often include clauses that outline... View More

1 Answer | Asked in Banking, Contracts and Securities Law for California on
Q: Is lying about net worth and income on an application for a brokerage account for trading stock options illegal?

I am opening an account and want to get approved for this certain level of options trading; they only approve if you declare a good income and net worth; is it illegal to lie about the net worth and income?

James L. Arrasmith
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answered on Feb 21, 2024

Misrepresenting your net worth and income on an application for a brokerage account, especially with the intent to gain approval for certain trading options, can have serious legal consequences. Under California law, providing false information on financial documents like brokerage account... View More

1 Answer | Asked in Contracts, Employment Law and Banking for California on
Q: If a check was written out to me in order to deposit into my acct to then pay a customer but I spend it by mistake

I’m a 1099 contractor who subcontracted work for a client. Client took out a larger than needed loan through subcontractor in order to get some of the loan back in cash. However the subcontractor wrote the clients cash portion out in my name on a check for me to deposit and then to pay client but... View More

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answered on Feb 21, 2024

Based on the situation described, you could potentially face civil liability or criminal charges:

Civil Liability:

- Breach of contract - The client could sue you for failing to fulfill your obligation to pay over the funds as agreed. They would likely seek recovery of the $18k you...
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1 Answer | Asked in Banking for California on
Q: I have a cash app I had $100 on my cash card so I went to the ATM to pull the money out but nothing showed up I talked a

I talk to cash app they said they couldn't give me my money back I need that money to pay the rent at the hotel I'm in right now so I won't end up on the street my wife is currently in the hospital she had a stroke so they took my money

James L. Arrasmith
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answered on Feb 21, 2024

Facing such a situation can be incredibly stressful, especially with your wife's health concerns. In California, there are legal protections for consumers who encounter issues with financial transactions, including unauthorized withdrawals or errors. You have the right to dispute the... View More

1 Answer | Asked in Collections and Banking for California on
Q: CA. Wife and father had joint acct. He passed, and the account got levied for debt he owed. Is this exempt, her acct now

California. Wife and her father had a joint account that they both deposited to and utilized. He passed last June, and we just received a notice of levy on the account. The bank is temporarily holding the money for 10 days. It is my understanding that after he passed, the account is now hers, and... View More

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answered on Feb 21, 2024

Yes, your understanding is correct. Since the bank account was jointly held between your wife and her now deceased father, once he passed away the account became your wife's individual account by operation of law. Here are the key reasons why the account levy is invalid:

• Under...
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3 Answers | Asked in Consumer Law, Criminal Law and Banking for California on
Q: Citibank refuses to return my $1285.00 after my account was hacked.

On 12/23/23, my mother had her Social Security retirement check for $1285.00 taken out of her bank. They denied her any chance of getting it back stating it was fraud so it was denied. Her other check for roughly $146.00 was also kept even though it came in afterwards. She lives check to check and... View More

James L. Arrasmith
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answered on Feb 21, 2024

I'm very sorry to hear about this terrible situation with your mother's Social Security funds being stolen from her Citibank account. You raise a very good point - if the bank acknowledges this was fraud, then they should still be responsible for making her whole and returning the stolen... View More

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2 Answers | Asked in Elder Law, Estate Planning, Banking and Probate for California on
Q: I have a legit poa over my friend because I take care of everything for him the bank denied it and want to take over his

Account they are constantly sending the aging people to our house and he tells them the same thing no matter who he talks to that he knows where his money is going and the bank still froze his accounts

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answered on Feb 21, 2024

If the bank has denied your legitimate power of attorney (POA) over your friend's affairs and frozen his accounts, it's crucial to take prompt action to address the situation. First, review the specific terms of the POA document to ensure it complies with California law and contains all... View More

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3 Answers | Asked in Banking and Collections for California on
Q: In California, can I be served debt collection at my old address if people who live there(my old roommates)still know me
Leon Bayer
Leon Bayer
answered on Feb 9, 2024

If the plaintiff claims that you were served, you would have to file a motion to quash service by proving that you don't live there. Keep in mind that the goal of the law is to give a person notice. And you obviously know about the lawsuit. A successful motion to quash does not eliminate the... View More

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1 Answer | Asked in Banking, Business Law and Gov & Administrative Law for California on
Q: Can Chime close my account and send an email saying I am not eligible to receive my money back?

Chime closed my account and said I violated their deposit account agreement. They said I can not have my money back its about 800 dollars. I do not understand how I violated anything and they will not provide details or email me back. I am in the military and only used the account for a few... View More

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answered on Jan 27, 2024

If Chime closed your account and is withholding your funds, it's important to understand your rights and possible courses of action. Financial institutions, like Chime, often have policies outlined in their account agreements that may allow them to close accounts for certain violations.... View More

1 Answer | Asked in Banking and Business Law for California on
Q: California Finance Lenders Licensing (CFLL) Requirement

Our business model is marketing equipment loan/lease solutions to vendors and their customers. We provide budgetary loan/lease proposal terms to borrowers, collect credit information, and submit that information to lenders for review. The lessor/lender independently reviews the credit, issues... View More

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answered on Jan 19, 2024

In California, the CFLL is specifically designed for non-bank lenders. If you are brokering loans to banks, which are generally exempt from CFLL licensing, you may need a different type of license. The exact license depends on the nature of the transactions and the institutions involved.... View More

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