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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

James L. Arrasmith
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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

James L. Arrasmith
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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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2 Answers | Asked in Banking, Communications Law and Employment Discrimination for Louisiana on
Q: I recieved a check from the neca local union no 313 ibew. The bank is trying to tell me that I altered it. What do I do
David Duke Kervin Jr.
David Duke Kervin Jr.
answered on Feb 19, 2024

If you did not alter the check, you should ask the bank why they think you altered it. You can also request the union to reissue a check if there is a discrepancy on it that is preventing the bank from honoring it.

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2 Answers | Asked in Criminal Law, Banking and Communications Law for Tennessee on
Q: I recieved a check from the neca local union no 313 ibew. The bank is trying to tell me that I altered it. What do I do

I tried to look info up on chk and it sent me to your website. I also received a text message about it. I'm so confused

Anthony M. Avery
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answered on Feb 19, 2024

You will need to ask the union to reissue another check in exchange for the allegedly faulty one. Or deposit it into another bank. But first be sure you have not done anything wrong. You may need to consult with an attorney as apparently your bank is wanting to prosecute you, and any forgery... View More

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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

James L. Arrasmith
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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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2 Answers | Asked in Banking, Business Formation and Business Law for Virginia on
Q: Do I only need a DBA in the state where my business is located or do I need DBAs in all 50 states and/or counties?

In general, are DBAs only required when market and run a domain under a different name, conduct bank transactions under a different name, or both?

For reference, I am attempting to engage in e-commerce as a sole proprietor under a different name. The business involves selling physical products.

Dominic Paul Lascara
Dominic Paul Lascara
answered on Feb 12, 2024

If you are operating your business under an "assumed" name, "trade" name or a "fictitious" name, you should file the propert fictitious name certificate in every state that you are doing business and you should confirm that your entity is authorized to do business in those states.

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2 Answers | Asked in Banking, Elder Law and Social Security for Oregon on
Q: I am POA for my mother. I owe collections. Her income is strictly Social Security. Can they garnish bank account?

I am on Social Security and my mother is also on Social Security. She is in a nursing home and soon I have to go put my name on her account at the bank to take care of her medical bills. I owe collections a great deal of money and I only receive Federal benefits and she only receives federal... View More

Theressa Hollis
Theressa Hollis
answered on Feb 9, 2024

If you are handling your mother's money as her Agent under a Power of Attorney you do not need to add your name to her bank account. Just give them a copy of your mother's Power of Attorney. Your mother's money should not be used to pay any of your creditors.

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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 for Nevada on
Q: My Bank (Chase) made a wire to some unknown out of my account. Without my authorization.

I found out the next day when I went online to pay my bills. I saw that I had a negative amount. I contacted the bank immediately and was told to call back in the morning when they opened up??. I did and the conversation got hot real fast. The amount is over 90k. Which wiped me out and caused me to... View More

James L. Arrasmith
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answered on Feb 5, 2024

I'm sorry to hear this happened. A bank making an unauthorized 90k wire transfer from a customer's account is a very serious matter. Here are the steps I would recommend you take:

1. Document everything. Keep detailed written records of all your interactions with the bank...
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1 Answer | Asked in Banking for Kansas on
Q: Refund check from vehicle service contract was made out to me instead of lender. Can I cash it?

I recently financed a vehicle and included in the financing total was a vehicle service contract. I cancelled the contract after having second thoughts. The dealership made the check out to me. Can I legally cash the check and keep the funds or does the bank receive it. Thanks

James L. Arrasmith
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answered on Feb 5, 2024

Based on the facts provided, legally the refund check should be paid to the lender, not directly to you. Here's why:

- The vehicle service contract was likely part of the total loan financing with the bank, so they technically own that portion of the loan.

- By cashing the...
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1 Answer | Asked in Banking for Massachusetts on
Q: i just received an email threating legal actions for a debt, i believe it is a scam just wanted to confirm?
James L. Arrasmith
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answered on Feb 5, 2024

Yes, an email threatening legal action over a debt could very likely be a scam. Here are some tips on how to confirm:

- Verify the debt - Do you have any prior official documentation or validation of this specific debt? If not, it's likely not legitimate.

- Check email details...
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1 Answer | Asked in Banking for Louisiana on
Q: How can my bank charge me 120 dollars over draft fee when I had 240 in my account. That's not right
James L. Arrasmith
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answered on Feb 5, 2024

You raise a valid question. Generally, banks should not charge overdraft fees if there are sufficient funds in the account to cover a transaction. Here is some key information regarding overdraft fees in Louisiana:

- Louisiana law prohibits banks and financial institutions from charging...
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1 Answer | Asked in Family Law, Banking, Municipal Law and Probate for Oregon on
Q: After losing my dad last year I have not been able to access money he left cause the bank wants more information

I provided my soc.

PhotoID

And other bank account

Offered my birth certificate

James L. Arrasmith
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answered on Feb 5, 2024

I'm sorry for the frustration this situation must be causing on top of grieving your father's loss. The bank likely has certain procedural requirements they are obligated to follow before releasing funds, but there may still be some things you can do here:

- Request a written list...
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1 Answer | Asked in Consumer Law, Banking and Civil Rights for Colorado on
Q: Is a non legal guardian allow to open my child’s mail?

A letter was sent to my house about my son’s credit and inquiries. I had him on a credit card as an authorized user which is no longer active. My grandmother open the mail and got concerned because she made him a savings account with a local bank I don’t even have access to and she’s worried... View More

James L. Arrasmith
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answered on Feb 5, 2024

No, it is generally not legal for a non-legal guardian to open mail addressed to a minor if they are not the minor's parent or legal guardian. Here are some key points that apply:

- Federal law prohibits the obstruction of mail, which includes opening, destroying, hiding, or stealing...
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1 Answer | Asked in Banking for Missouri on
Q: Discrimination at my bank, I feel discriminated at the bank I do banking at. Do I possibly have a legal standing?

I talked with the bank manager about an incident I experienced with a bank employee, and I don’t feel I was taken seriously.

James L. Arrasmith
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answered on Feb 5, 2024

Yes, you may have a legal standing here if you have experienced discrimination by your bank. Here are a few key things to consider in terms of legal protections and steps to take:

1) Discrimination Laws: Both federal and Missouri laws prohibit discrimination by banks and financial...
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1 Answer | Asked in Banking for Missouri on
Q: I feel discriminated at my bank because of my financial status and nationality. Do these reasons have legal merit?
James L. Arrasmith
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answered on Feb 5, 2024

Yes, discrimination based on financial status or nationality when banking could potentially have legal merit, depending on the specifics. Here are some key points about banking discrimination protections that may apply:

Financial Status:

- There is no specific Missouri law...
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1 Answer | Asked in Banking, Foreclosure and Real Estate Law for Florida on
Q: during my loan transfer I got a collection agency sent to my door when I wasn’t even late on my payment.

I think my my mortgage company is not acting legally. I was transferred this year and I was never late on a payment. During the transfer period my previous mortgage company never sent me the info that I was being transferred. This being the case I delayed my payment until I got confirmation from... View More

James L. Arrasmith
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answered on Feb 5, 2024

Based on the facts you have described here, it does seem there could be some concerning practices by your mortgage company and the collection agency they sent. A few key points:

- Under Florida law, mortgage lenders cannot initiate foreclosure proceedings until a mortgage is over 90 days...
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