Q: I want to sue regency bank. I’m in Tx, ex business partner is in Oldsmore,FL.
My business partner and i created a bank account. He set it up in Fl and signed for me to be on bank account. We are both owners splitting 50/50 % ownership.
I transfer 80k into business account. Which is everything to my name at the moment.
I thought both owners had to be on account before any money can be withdrawn.
I go to my local regency bank in Frisco, Texas and they tell me the other ceo doesn’t want you on it so we can’t put you on it.
A week later i go to regency again and i find out there’s 1k left in the account and my ex partner spent all of the money.
Then he messages me stating he will sign to put me on the account if i put more money into the account.
I blocked him. Huge scam.
HOW DID REGENCY BANK LET BANK BE ACTIVE WITHOUT BOTH OWNERS ON BANK ACCOUNT??
What can i do?
This is a regency bank scam and 80k is a lot to be taken from you due to bank neglegance.
How can this possibly happen? I am an owner of the company.
A:
Without reviewing the account application, company agreement, and company banking authorization, it is impossible to say based on your description if the bank was negligent. Importantly, as an owner of the company, it was clearly your duty to make sure the account application, company agreement, and company banking authorization were properly done before sending any money into the bank account. The bank is required by law to process the application and set up the account with the authorized signatories specified in the company agreement and company banking authorization. Once you deposited money into the company's account, that money became the company's money, not yours. Your right as an owner/member of the company to those funds is governed by your company agreement and the company banking authorization.
You need to carefully review your company agreement to determine whether your agreement with the other owner requires both of you to authorize any withdrawal of funds from the company account as well as the appropriate company banking authorization to determine whether the bank was clearly told in writing that both of you must approve any withdrawals.
Based upon my experience with similar disputes in the past, it is very likely that your cause of action is against your partner and not the bank. The second possibility is that you have a claim against the person who represented you in negotiating and drafting your company agreement, whether that person was your personal attorney or another type of agent. My educated guess is that you signed something authorizing the company to open an account with only your partner listed as a person authorized to make withdrawals without reading it, understanding it, or seeking the advice of someone with a business or legal background to explain it to you.
Jennifer Newton agrees with this answer
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