Q: I had a business associate who was going to be a partner rip me off for a lot of money and inventory. We started
I had a business associate who was going to be a partner rip me off for a lot of money and inventory. We started a new joint bank account together at banner bank. What I did not know was he was friends with the assistant manager of the bank. So the next day she cancelled our joint banking account and started him his own account under only his name. So than when I found out I booted him from my property. But because of his relationship with her they were able to turn all the payments for inventory reverse so then I still owe for all of them and he got the cash back for it. I never knew about the bank account closing I never got a phone call never got a letter never any communication between the bank and I of the account being closed. Can I sue the bank for allowing her to do the things she did which I do not believe are legal, I believe it is conflict of interest.
A:
If you opened a personal joint bank account, it is usually opened "A or B",not "A and B", which makes a huge difference. If the account was opened as "A or B" or "A,B", the meaning is the same. The Terms and Conditions agreement you would have been given by the bank at account opening would tell you your rights in regards to the account. Unless two signatures were required on the account (hardly offered by banks any more), each account holder has full authority over the account and the instructions of one is enough to close the account. You mention that certain payments were reversed but the account was supposedly closed the next day after opening, so they most have been returned for " account cosed". This can cause you legal problems with your suppliers and affect your credit. I recommend you discuss this with a local attorney that can look into what happened at the bank and the business relationship you had, to see what legal steps you can take.
Good luck,.
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