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Illinois Banking Questions & Answers
1 Answer | Asked in Consumer Law, Banking, Civil Litigation and Insurance Bad Faith for Illinois on
Q: I am reaching out to seek your legal guidance regarding a situation I am currently facing with Chase Bank.

I received a check from State Farm for nearly $7,000 due to vehicle damage and deposited it into my Chase account on July 29, 2024. After a brief hold, Chase closed my account without notice, citing suspected fraud. They funded the check, then withdrew the funds and refused to release them,... View More

James L. Arrasmith
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answered on Oct 2, 2024

I'm sorry to hear about the difficulties you're experiencing with Chase Bank. Start by gathering all related documents, including the check from State Farm, deposit records, and any communication you've had with Chase. Contact State Farm to confirm the legitimacy of the check and... View More

1 Answer | Asked in Banking and Consumer Law for Illinois on
Q: Can I sue cashapp for closing my account without any notice?

I’ve had my cashapp account for years, only transactions I would do on there were sending money to my family and them sending me money. A lot of times I would add money to my balance on cashapp using MY debit card from my bank and transferring my money to MY other bank account using MY other... View More

James L. Arrasmith
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answered on Oct 2, 2024

I'm sorry to hear about your experience with CashApp. When a service closes your account without detailed explanation, it can be frustrating, especially if you believe you've followed all their terms.

You may have options to address this situation. Start by carefully reviewing...
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1 Answer | Asked in Consumer Law, Contracts and Banking for Illinois on
Q: I bought a new vehicle and the dealership won't provide me copies of the documents I signed. can I sue?

I have contacted bank and they don't have copy of documents either. when I signed the contract, my signature was the only one on the forms. I have sent numerous certified letters and have been ignored.

James L. Arrasmith
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answered on Oct 2, 2024

Yes, you may have the right to take legal action against the dealership. When a business refuses to provide copies of signed documents, it can violate consumer protection laws. Start by gathering all the evidence you have, including the original signed documents, any correspondence with the... View More

1 Answer | Asked in Banking for Illinois on
Q: I am a UK national living in IL and need very quick proof of address for my UK bank. I have no official bills, etc

I have been with this bank for 30 years, but because of my circumstances at the moment I have no 'official' proof of address, except letters from my bank. They asked me to send a copy of my passport, which I did, and I also uploaded a copy online along with a live photo of myself.... View More

Tim Akpinar
Tim Akpinar
answered on Sep 16, 2024

An attorney/solicitor in the UK could advise best, but your question remains open for three weeks. You could check with them if they would accept a copy of a lease if you rent, or a mortgage application if you own. If you applied for a learner's permit/license with local DMV while here, those... View More

1 Answer | Asked in Banking, Business Formation and Contracts for Illinois on
Q: My father has been offered a contract, to purchase distribution rights for his book, needs help from a lawyer

Would like to know if this is a scam or a legitimate offer

Giselle Ayala Mateus
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answered on Sep 11, 2024

THIS IS NOT LEGAL ADVICE.

To determine whether the contract offer for distribution rights is legitimate or a potential scam, it’s crucial to have a thorough review of the offer by a lawyer, especially one with experience in intellectual property and publishing contracts. Here are some...
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1 Answer | Asked in Consumer Law, Banking, Business Law and Small Claims for Illinois on
Q: I disputed a transaction involving 2 charges with my credit card co. A credit was given for 1 charge but not the other.

This dispute involved the same set of facts and documents. Since it involved 2 charges, 2 separate reviewers were assigned to my dispute. One reviewer granted a permanent credit for 1 charge. The other reviewer closed the dispute for the 2nd charge without a credit and said I was responsible for... View More

Matthew McKenna
Matthew McKenna
answered on Jun 13, 2024

I would contact a consumer protection attorney that is familiar with the Truth in Lending Act. Depending on the circumstances, you may have a case and a consumer protection attorney will likely offer you a free consultation and may not charge you anything up front if there is a case to bring.

1 Answer | Asked in Banking for Illinois on
Q: It’s it wrongful repossession if I call the 4 days ahead and told them I lost my job I would like to voluntary repo

After the conversation the non voluntary 4 days after I had to find someone to follow me to take the car back as they requested

James L. Arrasmith
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answered on Apr 21, 2024

Based on the information provided, it does not appear to be a case of wrongful repossession. Here are a few key points:

1. You proactively reached out to the lender 4 days prior to the repossession, informing them of your job loss and your desire to voluntarily surrender the vehicle. This...
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2 Answers | Asked in Banking, Immigration Law and Tax Law for Illinois on
Q: As an international student, can i convert money from my home country into US dollars and buy crypto on daily basis.

Also, after buying the cryptos, can i trade them back to my home country. And doing such will i face any immigration issues?

Syed Ali Hussain Lahooti
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answered on Jan 21, 2024

Can you do what you are doing from your home country, such as converting your currency into dollars and then converting it back to your country's currency? Being on student status, having a social security number, and a US bank account, and using it to trade crypto—all of these fall under... View More

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1 Answer | Asked in Estate Planning and Banking for Illinois on
Q: Hi! I’m asking on behalf of my grandfather. His late sister left him money in a CD along with his niece. The bank is

Located in Texas and they are stating that we have to travel to Houston and be there at the same in order to sign documents and dissolve the CD. We are in the dead of winter and my grandfather is not up for travel. Can’t the bank make concessions and complete this virtually or send the proper... View More

James L. Arrasmith
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answered on Feb 5, 2024

Based on the situation you have described, here are a few suggestions that may help:

- Contact the bank and explain your grandfather's health/mobility issues and the challenges of traveling at this time. Politely request if there is any way the bank can accommodate getting the required...
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2 Answers | Asked in Bankruptcy, Consumer Law, Banking and Lemon Law for Illinois on
Q: I have a car that I owe more than 10 thousands of dollars that I cannot drive because of numerous mechanical problems.

What are my best options since I cannot afford to pay to fix car and make my loan payments. I live in Loves Park, Illinois.

James L. Arrasmith
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answered on Jan 3, 2024

In your situation with a car that's costly to repair and still under a significant loan, there are a few options to consider. Firstly, check if your car is still under any kind of warranty. If it is, some or all of the repair costs might be covered, reducing your financial burden.

If...
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1 Answer | Asked in Employment Law, Tax Law, Banking and Securities Law for Illinois on
Q: I got stock as bonus, but the stock price dropped. Now I owe tax on original amount but the stock isn't worth to cover.

I received stock in the form of RSU, but at the time it was over $100 a share higher than it is now. Now I'm being taxed off of the original stock amount since it is looked at as a "cash bonus", but even selling the stock I can't raise the capital needed to cover that tax... View More

James L. Arrasmith
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answered on Sep 14, 2023

The taxation of RSUs can be complex, and it's unfortunate that the stock's value has dropped significantly. You're correct that capital losses can often be used to offset capital gains, but there may be limitations on the amount you can deduct in a given tax year. I recommend... View More

1 Answer | Asked in Banking, Civil Litigation, Collections and Consumer Law for Illinois on
Q: Can creditors in illinois, whom have a judgment against me, find my bank accounts through my credit report?

I have a money judgment against from midland for $4000. The case is over, and the court gave them a DEFAULT JUDGMENT. This happend in cook county circuit court. This happened in June 2023. I'm not working now. Midland has not yet filed a citation to discover assets in court, yet.. I... View More

Joel Gary Selik
Joel Gary Selik
answered on Jul 31, 2023

Bank accounts do not generally show in credit reports, only credit cards.

1 Answer | Asked in Criminal Law, Banking, Libel & Slander and White Collar Crime for Illinois on
Q: How can I vacate a plea representing myself?
T. Augustus Claus
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answered on Jul 4, 2023

The motion to vacate the plea would need to demonstrate a valid legal basis, such as new evidence, ineffective assistance of counsel, or a violation of your constitutional rights.

1 Answer | Asked in Criminal Law, Estate Planning, Banking and Federal Crimes for Illinois on
Q: Someone forged my signature in order to collect a TOD account that I was beneficiary to. Bank did not obtain proper I.D.
Michael Goldberg
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Michael Goldberg
answered on May 25, 2023

You may have a claim against the bank for failing to properly ID the person withdrawing the assets. I recommend speaking with a lawyer to discuss your options.

1 Answer | Asked in Banking, Civil Litigation, Contracts and Bankruptcy for Illinois on
Q: Can I say I’m going in to bankruptcy during a judgement
James L. Arrasmith
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answered on Mar 2, 2023

Yes, you can declare bankruptcy during a judgement. Filing for bankruptcy can stop or delay the enforcement of a judgment against you, as well as discharge or reduce certain debts. However, it is important to note that there are different types of bankruptcy, and not all debts can be discharged or... View More

1 Answer | Asked in Consumer Law, Banking, Business Formation and Business Law for Illinois on
Q: Is there anything you can do if the lender applies the payment to the principal but does not bring down the balance?
James L. Arrasmith
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answered on Mar 2, 2023

If you believe that your lender has incorrectly applied a payment to the principal without properly bringing down the balance, you should contact your lender directly to discuss the issue and request an explanation. It is possible that there may have been a mistake or a misunderstanding that can be... View More

1 Answer | Asked in Family Law, Banking and Divorce for Illinois on
Q: Can a subpoena be issued for my spouse's credit report? Divorce proceedings are underway.
James L. Arrasmith
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answered on Mar 2, 2023

Yes, a subpoena can be issued for your spouse's credit report during divorce proceedings. However, you will need to have a valid legal reason for requesting the credit report, such as proving financial misconduct or to determine the financial status of your spouse. You should consult with your... View More

1 Answer | Asked in Estate Planning, Probate, Tax Law and Banking for Illinois on
Q: Is there federal laws for a trust
Anthony M. Avery
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answered on Sep 14, 2022

Tax laws and ERISA Qualification laws come to mind. Banking Statutes also cover Trust Regulation. Securities Law may often be indirectly determinative. There are probably many others. Obviously Anti-Trust Statutes. State Laws control most disputes, but Trusts often involve several possible... View More

1 Answer | Asked in Banking and Business Law for Illinois on
Q: trying to make a determination on corp account escrow or not

We are hiring truck drivers for our company and want to hold $125 week out of their pay (for repairs or abandonment) until they hit $1,000- $3,000k. Would this have to be in a escrow account? The money will be in the account for the duration of their employment.

Demitrus Thomas Evans
Demitrus Thomas Evans
answered on Aug 11, 2022

Corp account escrow or not? Can you provide some details on the issue?

1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Illinois on
Q: What does the law 15 usc 1662 b translate to? does it mean that I am not required to put a down payment?
T. J. Jesky
T. J. Jesky
answered on Oct 11, 2021

Short answer: No. The reg states that no advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state that a specified down payment, by the creditor who advertises his services.

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