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Michigan Banking Questions & Answers
1 Answer | Asked in Consumer Law, Banking, Civil Litigation and Identity Theft for Michigan on
Q: Is there a deadline/time limit to file a lawsuit?

Someone hacked my Bank of America account and fraudulently transferred $9,800 from my checking account to Mercedes Benz Financial Services in Illinois. Also, the hacker did a balance transfer using my Bank of America credit card for $5,200 at the same time, IP address, city and state. I contacted... View More

Nico E. Banks
Nico E. Banks
answered on Nov 14, 2023

Yes, there is a time limit to file a lawsuit. The exact time limit will depend on what causes of action you state (e.g., which consumer protection laws you invoke). It would be rare for the time limit to be less than a year, but acting sooner is always better.

1 Answer | Asked in Banking for Michigan on
Q: How do I hold Bank of America accountable after they enabled a hacker to fraudulently transfer $9800 from my account?

Someone hacked my Bank of America account and fraudulently transferred $9,800 from my checking account to Mercedes Benz Financial Services in Illinois. Also, the hacker did a balance transfer using my Bank of America credit card for $5,200 at the same time, IP address, city and state. I contacted... View More

James L. Arrasmith
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answered on Nov 5, 2023

To hold the bank accountable for the fraudulent transactions, you could consider filing a formal complaint with the Consumer Financial Protection Bureau (CFPB) and contacting your state's attorney general's office. You might also explore the option of initiating a lawsuit for the recovery... View More

1 Answer | Asked in Banking and Criminal Law for Michigan on
Q: What do I need to do if someone wrote me a bad check for $850 in Michigan?

This lady has strung me along and lied several times. I have all of her messages. I have the bad check.

James L. Arrasmith
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answered on Nov 12, 2023

In Michigan, if you've received a bad check, there are several steps you can take. Initially, contact the issuer of the check and request payment. If they fail to make good on the check, you can send a formal demand for payment via certified mail. Michigan law allows you to demand payment... View More

1 Answer | Asked in Insurance Bad Faith, Consumer Law, Banking and Insurance Defense for Michigan on
Q: Can my lending bank add insurance cost to my account for retroactive insurance?

I purchased a used truck in May 2023. As usual, I called the insurance company to add it to my policy on May 17, 2023, the date I purchased the truck. A couple months later, I received a letter from my bank stating that since they didn't receive documentation of insurance on my truck, that... View More

Tim Akpinar
Tim Akpinar
answered on Oct 17, 2023

A Michigan attorney could advise best, but your question remains open for three weeks. It isn't fully clear what caused the misunderstanding here - a local attorney could probably sort out better after reviewing the file in detail. But a financial institution can require insurance. Good luck

2 Answers | Asked in Bankruptcy, Consumer Law, Banking and Collections for Michigan on
Q: What type of lawyer do I need for my issue?

So the situation is I have a credit card that I got behind on and was being bombarded with 2-3 calls a day on average totaling way more than the reasonable amount allowed. Everytime I would try and awnser to request they stop I would get dead air then disconnected leading me to believe they are... View More

James L. Arrasmith
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answered on Sep 8, 2023

You may consider reaching out to an attorney who focuses on consumer rights or consumer protection law to handle this matter. They can assist in assessing whether the collection practices violate the Rosenthal Fair Debt Collection Practices Act or the Telephone Consumer Protection Act, and help you... View More

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1 Answer | Asked in Real Estate Law, Banking, Business Law and Insurance Defense for Michigan on
Q: Mortgage company forcing me to pay for their inspection on an insurance claim to release insurance check.

The current mortgage company acquired my loan a few years ago as the original lender sold it off. I have never been late, have a credit score of well over 800, paid extra over the years, and have 23 months until the loan will be satisfied. As such I have over 90% of the equity (even by the... View More

Kenneth V Zichi
Kenneth V Zichi
answered on Jul 11, 2023

What does your mortgage say? IF it says they can randomly require you pay for inspections, then yes, they can do what you describe. If it says they can force you to pay for inspections whenever work is done on the property that too is something they can do.

If it doesn't say that,...
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1 Answer | Asked in Estate Planning, Banking and Real Estate Law for Michigan on
Q: Can I have savings, checking in my name only without affecting mortgage? Husband passed, accounts are with same bank.
Trent Harris
Trent Harris
answered on May 5, 2023

Not sure what you mean by "without affecting mortgage." It's not clear why it would matter to your mortgage whose names are on your bank accounts. In most cases a mortgage lender has no requirements of someone maintaining specific bank accounts while the mortgage is outstanding,... View More

1 Answer | Asked in Consumer Law, Banking and Business Law for Michigan on
Q: Are there any licences/regulations required for personal finance websites w/affiliate links for loans, credit card, etc?

Curious about starting a website like Nerdwallet or Bankrate.com, where we write articles about financial products/services and have affiliate links to personal loan companies, credit cards, insurance, investments, loans, etc. We wouldn't provide any goods/services ourselves, but would just... View More

Michael Zamzow
Michael Zamzow
answered on Apr 7, 2023

This is not legal advice.

Perhaps. There certainly are regulations that personal finance websites must follow when selling or promoting financial investments and tools. You may consider investigating whether or not the website is required to disclose any material connections or financial...
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2 Answers | Asked in Federal Crimes, Identity Theft and Banking for Michigan on
Q: A national bank ignored a freeze and fraud alert on my credit and allowed a new fraudulent account anyway. Recourse?

After a national bank allowed a fraudulent account to be opened in my name I froze my credit with all three bureaus and added a fraud alert. Weeks later, another national bank ignored the freeze and the fraud alert and opened new accounts in my name, along with obviously suspicious activity.

James L. Arrasmith
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answered on Mar 4, 2023

You may have recourse against the national bank that ignored the credit freeze and fraud alert. You could start by filing a complaint with the Consumer Financial Protection Bureau (CFPB) or with the Office of the Comptroller of the Currency (OCC) if the bank is a national bank. You could also... View More

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1 Answer | Asked in Banking and Business Law for Michigan on
Q: I owned a business, our bank without notices or court order froze our bank account, this closed the business immediately

The company was not behind on payments and not out of formula on credit line, I cannot talk to our loan officer and bank attorney will not provide any info

Adam Alexander
Adam Alexander
answered on Jan 10, 2023

Not a lot of detail in this question. A lawyer will need a lot more to provide you with your best legal options. However, my suggestion would be to immediately file a complaint with the CFPB. Your bank will have to respond, and this action may allow for a resolution. To the extent you later file a... View More

1 Answer | Asked in Banking and Consumer Law for Michigan on
Q: Is it illegal to dispute items that are accurate but negative on your credit to qualify for better credit terms?

Is it illegal to get negative items removed from credit and then use that updated credit report to apply for credit?

Brent T. Geers
Brent T. Geers
answered on Nov 4, 2022

Not necessarily illegal, and in fact that is or was a commonly-pushed strategy of credit repair shops. When you dispute an item, the credit bureau contacts the creditor for verification. If no verification is received timely, then the credit bureau is supposed to take it off your report. So the... View More

1 Answer | Asked in Banking for Michigan on
Q: an 84 yrs old was a victim of fraudulent transf of funds , her bank could have protected her she wired $100K to an unkn

She wired to an unknown account $100K Is there a role the bank should have played to step in and check with a family member to check to see if she should be wiring that kind of money? She was duped by someone on the phone to send him the wire payment, and she did what this person told her to do.

Brent T. Geers
Brent T. Geers
answered on Aug 23, 2022

Unfortunately, no. A person is presumed competent until declared otherwise. That includes the right to make unwise decisions. The bank would have had no legal authority to prevent the transaction or to check with a family member.

This should definitely be reported to the police if it...
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1 Answer | Asked in Real Estate Law and Banking for Michigan on
Q: What does MCL 600.6023 (1)(H) mean in layman's terms?
Kenneth V Zichi
Kenneth V Zichi
answered on Aug 13, 2022

I don't know that there is a good 'short' layman's explanation, but the closest I can come to is that if you have a judgment against you, a judgment creditor cannot execute against a piece of property that has a mortgage against it.

In other words, you can't avoid...
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1 Answer | Asked in Banking and Business Law for Michigan on
Q: I made an online purchase on the target website using apple cash and because of that purchase someone stole my debit and

Apple cash information. I have proof that it was the target purchase that allowed the hackers to get my information. Do I have a case?

Michael Zamzow
Michael Zamzow
answered on Aug 4, 2022

You do against the hackers. But there's not enough information for other potential parties. Most transactions using Apple Cash are below $1,000 and it is likely you'll get your money back for fraudulent transfers. Have you contacted Apple, Target, and the bank behind Apple Cash? How do... View More

1 Answer | Asked in Gov & Administrative Law, Banking and Child Support for Michigan on
Q: Can a bank legally take money from my account that was a veterans disability back payment. And send it to child support

I’ve been actively making my monthly child support payments and I got a lump sum va disability payment. my bank held and took funds to send to my child’s mother via child support office .Is this lawful?

Brent T. Geers
Brent T. Geers
answered on Jul 8, 2022

Likely yes. First, your bank didn't do anything except comply with a presumptive lawful order issued by a court. Your issue is with the court, not the bank.

VA disability is considered income for child support purposes, and so is subject to garnishment.

I would suggest you...
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1 Answer | Asked in Contracts and Banking for Michigan on
Q: How does one prevent someone in the family from opening a credit card, bank account, debit card, etc?

what do you need to make sure a person (above 18 in your family) can not open a credit card, bank account, debit card or any other financial instrument so that they can spend/buy things?

Brent T. Geers
Brent T. Geers
answered on Mar 22, 2022

You can't prevent someone over 18 from doing any of those things in their own name unless you happen to have legal guardianship over them. It does not matter if they are your own biological children. Once they are 18, you have no legal right OR responsibility for them.

2 Answers | Asked in Banking for Michigan on
Q: Do we have grounds for bank violating trust / damaging our business?

My wife manages her therapy business finance at Bank X. Recently, she had a difficulty with a teller, and was short with teller. Teller, who was likely unhappy about altercation, immediately used confidential access she had to my wife's business practice to go to her Google Business page and... View More

Adam Alexander
Adam Alexander
answered on Feb 28, 2022

You could potentially sue for defamation. However the overwhelming majority of courts have found that reviews on sites like Google Business are "opinions" and protected free speech. Also, you would have to prove tangible damages, such as specific loss of business. Since the review has... View More

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2 Answers | Asked in Banking, Civil Litigation and Real Estate Law for Michigan on
Q: I had a joint mortgage with my ex wife. I was bought out for $40,000 (my half of equity) but she wont take my name off?

Had a joint mortgage with my ex wife and 2 years ago I was bought out ($40,000) and she was supposed to refinance and put the house in her name. 2 years later, she still has not refinanced and got my name off the mortgage. Now, every time she is late, my credit is dinged and to help my credit not... View More

David Soble
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David Soble
answered on Feb 14, 2022

Your next legal steps will be dependent upon the terms of the divorce decree. You may have to go back to court and motion the court to enforce the terms of the agreement.

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1 Answer | Asked in Civil Rights, Consumer Law, Products Liability and Banking for Michigan on
Q: Is there any legal action I can take against him?

I opened a bank account and was going to have my boyfriend added as a joint account. We got the paperwork filled out and went to go process it but it didn't process because he is in collections with his separate bank. We were told he needed to pay that debt of 1st before he could be added.... View More

Brent T. Geers
Brent T. Geers
answered on Dec 20, 2021

Do he clear up the debt with the other bank first? I would contact the bank, then the police to file a report.

1 Answer | Asked in Consumer Law, Banking and White Collar Crime for Michigan on
Q: Hi, I was victim of bank fraud - someone other than me initiated in branch transactions, bank didn't raise flags or stop

Do I have case for bank failure to either protect n secure my banking & personal info, since someone within the "bank" compromised my info, and also either failed to spot n prevent to confirm n varify acct ownership, or someone within that branch conspired to allow these transactions... View More

Brent T. Geers
Brent T. Geers
answered on Nov 28, 2021

Without more, it's likely the bank will restore to you whatever funds you lost. Depending on what exactly happened, or how much you lost, you could look into pursuing things further.

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