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Banking Questions & Answers

1 Answer | Asked in Banking and Consumer Law for Maryland on

Q: Is it legal for my friend and I to use our joint acct to charge 10% int on a 4 mth loan to friends that own business

My friend and I have friends with businesses that want to loan money from us at regular intervals. The minimum loan is $10,000 and maximum is $40,000. We are opening a joint bank account for the purpose of giving out loans to our friends and family. We want to charge 10% for a 4 month loan term... Read more »

Mark Oakley answered on Aug 23, 2019

If the loan agreement is in writing, interest in a loan my not exceed 24% per year, and must comply with numerous other legal requirements in order to avoid the risk of violating the users laws. Owing 10% interest at the end of 4 months is an effective annual interest rate of 30%. Not only is the... Read more »

1 Answer | Asked in Banking and Business Law for New York on

Q: Do I have to file a restated certificate if I already filed an amended certificate of incorporation?

I’m a single owner of my corporation trying to get an SBA Loan through a bank.

Michael David Siegel answered on Aug 20, 2019

I do not know what a "restated" certificate is. What are you trying to do?

1 Answer | Asked in Bankruptcy, Consumer Law, Foreclosure and Banking on

Q: What if the lis pendens the servicer merged and changed names shouldn't a new lis pendens be filed with the new ?

If a lis pendens was filed in the county records in 2017 and we filed for bankruptcy to save the homel and while through bankruptcy the servicer whoever they are now refused to take our pre petition and post petition payments and thus we couldn't get to a modification agreement with this company... Read more »

Timothy Denison answered on Aug 16, 2019

The lid prndens recording does not have to be changed upon transfer between companies. It is simply there to put the world on notice as to potential litigation involving that property.

1 Answer | Asked in Banking for Illinois on

Q: Is a bad bank wire the same as a bad check for insufficient funds? The sender lives in North Carolina.

Bruce Alexander Minnick answered on Aug 14, 2019

As far as the adverse impact on the recipient goes, the answer is yes, they are the same. However, bank wires are usually much more reliable than checks-- and thus do not "bounce" as easily. At least that is the way it was when I was an operating officer in a large bank.

1 Answer | Asked in Banking on

Q: am looking for accredited attorney who will procure the Insurance coverage from insurance company to forward to bank

Bruce Alexander Minnick answered on Aug 13, 2019

Use the Find a Lawyer tab on the top of the page.

1 Answer | Asked in Contracts and Banking for California on

Q: Is there a way to find a copy of check that was supposedly cashed in 1987?

I called my place of employment where I would have gotten my pension check from. I called Merryl Lynch also, the distributor of check and they had no record. This would have been in 1987. Please assist. I only know they said it was a check from Bank of America. Thank you.

Bruce Alexander Minnick answered on Aug 13, 2019

Knowing banks and bankers as well as I do, I am sure there is a copy of this check somewhere--or perhaps the original cancelled check is buried beneath 100 tons of stuff kept in storage by the bankers--who keep everything forever.

So, yes, there might be a way to find a copy; however, the...
Read more »

1 Answer | Asked in Banking for Florida on

Q: I have compensation funds in the federal reserve bank , DR.charles gates in charge of dispensing needs a $300 ID. bond??

stating once I send the bank clerk $300 for the identity bond certificate/ clean bill of records I will receive my funds. is this normal demands from a bank that has my compensation fund that's escrowed and fully registered in my name I have his federal reserve bank ID. plaque card if I can show... Read more »

Bruce Alexander Minnick answered on Aug 12, 2019

Thanks for the offer, but showing us Dr. Charles Gates' "federal reserve bank ID plaque card" will not change the fact that you are about to lose $300--or more. This is a scam.

1 Answer | Asked in Banking, Business Law and Civil Litigation for Louisiana on

Q: Louisiana incorporation Registration Jefferson Parish DA Paul D Connick Civil case # 2:18 -cv-09296 In 08/08/2019

Louisiana incorporation Registration Jefferson Parish DA Paul D Connick Civil case # 2:18-cv-09296 In 08/08/2019 around 10:30 am Trina Williams ticket #G59 matters of jurisdiction zoning went through intake process waiting again United labor and wage for name to be called at off SSA 115 terry... Read more »

Ellen Cronin Badeaux answered on Aug 8, 2019

Your question makes no sense. Ask someone to write it for you.

1 Answer | Asked in Banking for Maryland on

Q: My dad recently passed away he list his sister on one of his bank accounts however now the sister has dementia but her

Daughter is her power of attorney what would happen in a case like this?

Mark Oakley answered on Aug 8, 2019

Your father's sister now owns the funds in the bank account. Her daughter has the authority under the POA to manage the funds for her mother's benefit, and owes a fiduciary duty to her mother to only act in her mother's interest regarding the funds. Depending on how the POA is drafted, the bank... Read more »

1 Answer | Asked in Banking and Business Law for New York on

Q: I was 50% owner of a small corporation. When I retired I gave my shares to my partner for $1 with the understanding that

he would pay outstanding loans. Two were in my name personally but he has agreed to pay them off. Years have gone by and I am making payments but nothing from him. About $40,000. Can anything be done?

Michael David Siegel answered on Aug 8, 2019

You can sue, but the case will turn on your proof, which seems thin based on your post.

1 Answer | Asked in Banking and Employment Law for California on

Q: There were overdraft fees charged by my bank due to bounced check from the employer. Can I ask employer to pay the fees?

The paycheck was around $1,800 and it was bounced. Due to that fact, bank charged me $35 of penalty. Also, there were few overdraft charges due to unannounced and bounced paycheck.

Bruce Alexander Minnick answered on Aug 7, 2019

Yes, you can ask your employer to reimburse you. However your employer may not do it.

1 Answer | Asked in Banking for Florida on

Q: I need a lawyer to help me with a fraud that I did not commit and now I'm having problems opening a bank account

I called the police, they came and asked all the questions and they sent a detective and the detective decided not go on with case, that I was just a victim. I told the bank and they decided to proceed to put something on my record that now is impossible to open a bank account, and the even... Read more »

Bruce Alexander Minnick answered on Aug 7, 2019

It appears that you and your husband have been caught in a web of suspicion caused by the enormous increase in the number of fraudulent checks being deposited by bank customers. Most banks immediately freeze all accounts owned by customer whenever any account gets hit by a fraudulent deposit. And... Read more »

1 Answer | Asked in Banking, Business Formation and Business Law for Ohio on

Q: I help with an online business that isnt an actual established business, kind of like selling stuff on facebook.

over the past month I helped with collecting the payments and sending them to the vendor for the items. The vendor never shipped any items, she made fake tracking numbers, and etc. People are saying they are going to report me because I took their payment but I have proof from my bank account that... Read more »

Bruce Alexander Minnick answered on Aug 5, 2019

Since you saw the need to double down and admit to being involved in further cybercrimes I saw the need to repeat my advice posted in answer to your earlier question.

Based on your own description of the "online business" that you say you "help run" it will be hard for you to convince many...
Read more »

2 Answers | Asked in Banking and Contracts for Tennessee on

Q: How do I get compensated for Timeshare fraud? I have a team calling me saying that they can get my money back if I pay t

I am a victim of Time Share Resale fraud. I reported it to the state of FL. Now some 3 or 4 yrs later I now have a company named Consult and Recover saying that I have been approved for slot 63 of 65 for a payout since the Fraudulent people have been caught. The money is in an offshore account and... Read more »

Bennett James Wills answered on Aug 5, 2019

From just reading your question, the first impression is that you're dealing with a scam. However, if that CA attorney checks out, then it may not be a scam. One would need much more information to make that determination.

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2 Answers | Asked in Banking, Business Formation and Business Law for Ohio on

Q: I help run an online business, and I need advice

over the past month I helped with collecting the payments and sending them to the vendor for the items. The vendor never shipped any items, she made fake tracking numbers, and etc. People are saying they are going to report me because I took their payment but I have proof from my bank account that... Read more »

Matthew Williams answered on Aug 4, 2019

You should hire an attorney to go through the transactions, the customer complaints, and the rest of your business to help you prepare to defend allegations that you are part of the scam.

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2 Answers | Asked in Banking, Civil Litigation, Criminal Law and Small Claims for Florida on

Q: Can I use FL statute 772.11 in small claims if treble amount exceeds $5000 but original theft amount is less than $5000?

Money taken by custodian of FL-UTMA account the day after the minor who's bank account the name was in reached age of maturity determined by FL law s. 710.123 section (b), s. 710.107 ss. (2), and s. 710.111 (b).

Original amount of UTMA account was $12k and I can prove custodian abused... Read more »

Terrence H Thorgaard answered on Aug 3, 2019

No. The small claims jurisdictional amount is $5,000. So you cannot sue for the amount by which the statutory penalty exceeds that amount.

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1 Answer | Asked in Banking for New Hampshire on

Q: I made a deposit to my business account from a brokerage account that I had and the checks bounced.

The checking account was from a previous brokerage account. The bank has given me 14 days to fix it but the account does not have enough funds to cover the checks. They are going to send a notice to the police department tomorrow. I have asked them to give me another week since I have funds coming... Read more »

Bruce Alexander Minnick answered on Aug 2, 2019

Do not get greedy. You are very lucky the bank is tolerating this situation for two full weeks. Stop asking questions here on Justia and start collecting the CASH you will need to prevent a knock on your door in the middle of the night.

2 Answers | Asked in Banking and Real Estate Law for New York on

Q: Can I purchase a first mortgage of a residential property, from a bank.

Want to Buy Mortgage Note from a bank, I'm not currently the owner of the property.

Michael David Siegel answered on Aug 2, 2019

Legally, yes you can. Will they sell it to you? It depends.

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2 Answers | Asked in Real Estate Law, Banking, Probate and Stockbroker Fraud on

Q: How to clean stocks from a deceased loved one without a wheel

Bruce Alexander Minnick answered on Aug 1, 2019

What in the world are you talking about?

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1 Answer | Asked in Banking for Texas on

Q: I purchased a vehicle on 7-24-19. The bank had me come in and sign my portion of the paperwork and issued a certified .

Check to the seller. My co-signer was supposed to go in later and sign. My co-signer backed out and didn’t sign but a certified check was already given to the seller. The bank now is threatening legal charges. What are my rights.

Bruce Alexander Minnick answered on Jul 31, 2019

Neither you--nor your cold-footed co-signer--have very few legal "rights" here. Unless you return the vehicle to the dealer--and also inform the bank where the vehicle has been taken--the chances are good that you will be seeing some legal papers that you may need some lawyer to explain to you. If... Read more »

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