Banking Questions & Answers by State

Banking Questions & Answers

Q: Re: Power of Attorney for a parent. My mother had accounts/investments with a local bank. Some of the accounts had

1 Answer | Asked in Banking and Probate for Texas on
Answered on Apr 23, 2018
Terry Lynn Garrett's answer
It depends on whether the accounts were convenience accounts (children's signatures for the mother's convenience only but all her money), pay-on-death accounts (pay on death to the children but all the mother's money) or joint accounts (jointly owned by the people named, whether or not joint with right of survivorship on the death of someone else named).

Please also note the the mother's Durable Power of Attorney loses its legal effect with her death.
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Q: I am using cryptocurrency investment profit for closing costs. They dont accept it.

1 Answer | Asked in Banking, Business Law, Civil Litigation and Contracts for Texas on
Answered on Apr 20, 2018
Benton R Patterson III's answer
In Texas, businesses do not have to accept cryptocurrency as payment. Your best bet is probably to sell the cryptocurrency for US dollars and transfer the money to a standard bank account.
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Q: My friend and I want to open a join business account. We will be opening it with a DBA but I'm concerned about banking

1 Answer | Asked in Banking, Business Formation and Business Law for Texas on
Answered on Apr 20, 2018
Benton R Patterson III's answer
Generally, a contract is only binding on the parties who sign the contract. If the bank is not a party to the contract, it does not have to follow it. You and your business partner can contractually agree to limit the money each of you can withdraw from the account. However, you would not be able to enforce the contract against the bank because the bank is not a party to the contract.
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Q: How do I proceed if a creditor is ignoring that I have an automatic stay?

1 Answer | Asked in Banking for Massachusetts on
Answered on Apr 17, 2018
Christopher Tolley's answer
If you are currently in bankruptcy, you have not received a discharge and the case is still open, creditors are prohibited by the automatic stay in bankruptcy from taking acts to collect debts from you personally. If a creditor is seeking to collect a debt from you by writing letters, calling you, filing a lawsuit, etc., the creditor may have violated the automatic stay. You should definitely call the attorney who filed your bankruptcy case for you and tell him/her what the creditor is doing,...
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Q: My child is 13, he stole my bank card and bought a semi-auto bb gun off of amazon. What can he be charged with

1 Answer | Asked in Banking, Criminal Law, Federal Crimes and Identity Theft for Michigan on
Answered on Apr 17, 2018
Jasmine D. Rippy's answer
If you report your son to police, he could be charged with illegal use of a financial transaction device, which is a felony. Because he used the card online, he could also be charged with using the internet or a computer to commit a crime, which in this case would be a felony because the underlying offense is a felony. For adults, each charge carries penalties of up 4 years in jail and $5,000 in fines. Your son will most likely be tried as a juvenile and in such case, there will be a variety...
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Q: I had a payday loan and have not been able to pay it back yet. they are now sending me threatening emails..Is this legal

1 Answer | Asked in Banking for Tennessee on
Answered on Apr 17, 2018
Bennett James Wills' answer
Debt collection agencies are not allowed to use harassing tactics to collect a defaulted debt pursuant to the Fair Debt Collection Practices Act. Consult local counsel to determine if you have any options.
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Q: Can I be sued for taking someone’s money and saying that I would invest for them when I don’t actually invest for them.

1 Answer | Asked in Banking, Broker Fraud and Business Law for California on
Answered on Apr 17, 2018
Tracy Stoneman's answer
Yes, because that conduct could constitute fraud and possibly breach of contract depending on the consideration paid.
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Q: Can I bring Citibank to small claims court?

1 Answer | Asked in Banking, Consumer Law and Small Claims for New York on
Answered on Apr 15, 2018
Michael David Siegel's answer
You have not been damaged, so you have no case. You do not even get the $600 you claim should be written off. Just write a certified letter to the General Counsel for the bank saying what you said here.
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Q: Are the regulations that banks are subject to state-specific or does federal law govern?

1 Answer | Asked in Banking for Florida on
Answered on Apr 15, 2018
Terrence H Thorgaard's answer
State and federal law governs.
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Q: i filed for bankruptcy in around 2006 and it was appointed. i just changed my daughters bank acct to me the bank took $

2 Answers | Asked in Banking and Bankruptcy for Michigan on
Answered on Apr 12, 2018
Robert Keyes' answer
Not quite enough information to answer your questions. You need to ask the bank very specifically about the details of the debt. If your daughter is an adult she needs to contact the bank also. Whose money was taken? Hers or yours. What kind of debt did you have with this bank in your prior case? There are other questions too numberous to get into in this email.
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Q: Do I file bankruptcy?

1 Answer | Asked in Banking, Bankruptcy and Divorce for Pennsylvania on
Answered on Apr 12, 2018
Kathryn Hilbush's answer
If you have an attorney for your divorce, discuss this with her/him. When a bankruptcy action is filed, it places an automatic stay on all state court actions. That means that the PA court cannot proceed in your divorce action until either the bankruptcy has been completed or dismissed, or the bankruptcy court lifts it's stay at the request of the bankrupt (you.) You should also speak with a bankruptcy attorney about filing but be sure you discuss the impact on your divorce. Sometimes I'm told...
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Q: Can I buy a house without changing my address to that location?

1 Answer | Asked in Banking and Real Estate Law for Maryland on
Answered on Apr 10, 2018
Cedulie Renee Laumann's answer
Anyone can buy real estate for investment or other purposes and the law imposes no obligation to change residence just because someone buys real estate. However, a lender very well may require that a home be the borrower's principal residence to qualify for more favorable lending terms, so the real question likely is: what kind of financing are you seeking? A borrower should not tell a lender a property will be their principal residence unless it truly will be.

While this is not...
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Q: Chinese company wants me, U.S. citizen, to collect money from U.S. companies and then wire it to their U.S. businesses.

1 Answer | Asked in Banking and White Collar Crime for Arizona on
Answered on Apr 10, 2018
Jingzhan Wang's answer
what's the company's business? why they need to have the money back to China befor re-investing into US
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Q: How can I get my mother's bank accounts released to me (her only child) without probation of a will in TN?

1 Answer | Asked in Family Law, Banking and Probate for Tennessee on
Answered on Apr 8, 2018
Anthony Marvin Avery's answer
You probably can file a Small Estate to obtain Letters of Administration. But in my opinion a competent attorney is necessary. There are too many issues for a layman to deal with. It sounds like you have already made some mistakes, and it can get alot more difficult.
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Q: Hi, my name is Amy, I have a question about felony computer fraud.

1 Answer | Asked in Banking, Criminal Law and Internet Law for Louisiana on
Answered on Apr 4, 2018
Ellen Cronin Badeaux's answer
You handle it by hiring a criminal defense attorney & not giving a statement.
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Q: I have discussed this issue prior to receiving the settlement offer. Am I unable to accept due to this clause?

1 Answer | Asked in Banking, Business Formation, Business Law and Contracts for Missouri on
Answered on Apr 3, 2018
Ronald J. Eisenberg's answer
The agreement refers to keeping its terms confidential. I don't see how your discussing your situation with someone prior to receiving the agreement could be a breach of the agreement. The last sentence you wrote, however, ends with "Custom" so I don't know what is missing. If you have concerns with the language of the agreement, the time to negotiate the terms is prior to signing. Best wishes.
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Q: i am having issues about an account belonged to my next of kin

1 Answer | Asked in Banking, Estate Planning and Probate for Ohio on
Answered on Apr 2, 2018
James Jeffrey Jackson's answer
You should contact a probate attorney in your area. You will most likely have to pay a retainer. If the Barclays account does not have significant value, it may not be worth the cost to open the probate estate.
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Q: A loan company online gave me the name of a bank rep at BBVA Compass and now wants me to pay a hefty referral fee.

1 Answer | Asked in Banking, Business Law, Civil Litigation and Consumer Law for New Mexico on
Answered on Apr 2, 2018
David Humphreys' answer
it does sound like a scam. I understand you never agreed to such a referral fee up front. If this is a consumer loan i would contact the consumer protection unit of the state Attorney Generals Office in Santa Fe.

You have a claim for the tort of unreasonable debt collection if they continue to attempt to collect from you. I would write them a quick letter and send it either registered mail receipt requested or by fax to prove you sent it.

Dear Sir,

I dont owe you any...
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Q: My mother remarried and found an old bank account of deceased husbands. Why can she not access the money?

1 Answer | Asked in Banking, Divorce and Probate for Pennsylvania on
Answered on Mar 28, 2018
Michael Drew Raisman's answer
If the bank account is in her deceased husband's name, then she may need to open up his estate. The bank probably will not give her the funds until she begins probate. In that case, she'll either need to present the will to the Register of Wills (of which you would then be entitled to see), or it will go through intestacy in which case you may be entitled to part of it, depending on the amount of the bank account and any deductions payable through the estate.

I do not see why she...
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Q: Hi, Is this legal: Bank of America sent email to parents that credit limit was being lowered. I recieved no email.

1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Florida on
Answered on Mar 25, 2018
Andy Wayne Williamson's answer
Can BOA lower the credit limit of an account? Yes absolutely they can. Was the notice sent to the wrong person. Maybe but no way to say without reviewing the account paperwork. Whether the notice was done wrong or not BOA is not legally obligated to give you an extension of credit and they can lower it or remove it at their choosing.
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