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New Jersey Banking Questions & Answers
1 Answer | Asked in Family Law, Banking and Divorce for New Jersey on
Q: Can a PoD designation ever be reversed or nullified in the state of New Jersey? If so, how?

My sister recently died in a nursing care facility in NJ. Her husband deserted her two years previous and because of the uninhabitable state of the rented marital home that the landlord did not repair as well as her illnesses, she had to move to a facility. She could not drive or operate a... View More

Richard Diamond
Richard Diamond
answered on Dec 4, 2024

Depending on the status of the divorce matter, there may be a proper basis to undo his receipt of monies in her accounts but im not sure that the process and expense will be worth it, given the cost of retaining counsel, review of the status of the divorce matter, etc to justify the payment of a... View More

1 Answer | Asked in Estate Planning, Banking, International Law and Probate for New Jersey on
Q: How do you get money from an account that was left to a deceased spouse in Puerto Rico?

My husband's grandmother passed away 10 years ago in Puerto Rico. She left him money that his Aunts knew about and never told us. My husband passed away 7 years ago and they're just telling me now about this. How do I claim this money?

James L. Arrasmith
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answered on Jun 19, 2024

To claim the money left by your husband's grandmother to your deceased husband, you will need to go through the legal process in Puerto Rico. Here are the general steps you should follow:

1. Obtain a copy of your husband's death certificate and his grandmother's will or...
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2 Answers | Asked in Consumer Law and Banking for New Jersey on
Q: Hello, Should I accept a settlement check from Wells Fargo class action suit or am I entitled to more than the offer

Wells Fargo is willing to settle with me for 1,300$ Should I take their offer or am I entitled to more. I have no record of this account or how much money was actually in it.

James L. Arrasmith
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answered on Mar 25, 2024

Deciding whether to accept a settlement check from Wells Fargo requires careful consideration. First, review the details of the class action suit and how your specific circumstances align with the case's parameters. Without records of the account or the amount involved, it's challenging... View More

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1 Answer | Asked in Estate Planning, Banking and Probate for New Jersey on
Q: Trying to settle a bank account of my mom who passed. It’s under $7k and they ask for entitlement document or something.

What type of document is this, is it a next of kin document? Does this document need to be filed in court or can I fill it out and just have it notarized? Bank account opened in New Jersey but she was living in the Philippines at the time of death. No will and she didn’t list a beneficiary on the... View More

James L. Arrasmith
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answered on Mar 11, 2024

In this situation, the bank is likely requesting documentation to establish your legal right to claim the funds in your mother's account. This is a standard procedure when the account holder has passed away, and there is no designated beneficiary or joint account holder.

Since your...
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1 Answer | Asked in Consumer Law, Contracts and Banking for New Jersey on
Q: Ally financial blatantly violated the TILA, FCRA, CCPA and tried to over charge me 6k on an 18k loan.

I entered a contract (which doesn't include a dealer number, or contract number filled in.) to finance a 2013 Nissan Frontier through Ally financial back on May 29th of 2017. The total paid after 72 months at a rate of 8.64%. came out to $18,019.44 according to the truth in lending disclosure.... View More

James L. Arrasmith
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answered on Feb 23, 2024

Dealing with a situation where you've been overcharged on a loan can be incredibly frustrating and confusing. It seems you've done your due diligence by reviewing the terms of your contract and comparing them to the actual charges applied by Ally Financial. Discovering discrepancies in... View More

3 Answers | Asked in Bankruptcy, Banking, Business Law and Collections for New Jersey on
Q: Am I personally liable for an EIDL loan of $130k taken out by my S Corp if I close the business?

I have a small business set up as an S Corp in NJ. Took out a $130k EIDL loan as well as a $30k loan from my bank. Business is dying. Will the SBA be able to go after my personal assets if I close the business? No personal guarantee, only against collateral/inventory which is hard to sell right... View More

Michael David Siegel
Michael David Siegel
answered on Jan 26, 2024

This is actually an evolving area of the law. If you have no guarantee, the answer should be no. But, the SBA has been investigating whether proceeds were properly used. If you took the money for improper purposes, the US Attorney could come after you. But, there are so many of these loans, it... View More

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3 Answers | Asked in Bankruptcy, Banking, Business Law and Collections for New Jersey on
Q: Am I personally liable for an EIDL loan of $130k taken out by my S Corp if I close the business?

I have a small business set up as an S Corp in NJ. Took out a $130k EIDL loan as well as a $30k loan from my bank. Business is dying. Will the SBA be able to go after my personal assets if I close the business? No personal guarantee, only against collateral/inventory which is hard to sell right... View More

James L. Arrasmith
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answered on Jan 26, 2024

In New Jersey, as with other states, the structure of an S Corporation typically provides a degree of separation between the business's debts and your personal assets. This means that in many cases, shareholders are not personally liable for the debts of the corporation.

Since you...
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3 Answers | Asked in Bankruptcy, Banking, Business Law and Collections for New Jersey on
Q: Am I personally liable for an EIDL loan of $130k taken out by my S Corp if I close the business?

I have a small business set up as an S Corp in NJ. Took out a $130k EIDL loan as well as a $30k loan from my bank. Business is dying. Will the SBA be able to go after my personal assets if I close the business? No personal guarantee, only against collateral/inventory which is hard to sell right... View More

Leonard R. Boyer
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answered on Jan 26, 2024

If your business closes next week, you're personally liable for the debt. EIDLs are not forgivable. You'll repay them over the 30-year term, though you can pay your loan off early with no prepayment penalties. Also, for future reference, a Sub-Chapter S corp is your worst nightmare and... View More

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1 Answer | Asked in Banking, Entertainment / Sports and Intellectual Property for New Jersey on
Q: Music NFTs

I own a music catalogue and want to make "music nfts" and sell them via Open Sea"? They would be sold only as collectibles with no promise of upside. Would the SEC look at them as securities?

James L. Arrasmith
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answered on Oct 11, 2024

If you're selling music NFTs as collectibles without any promises of profit or financial returns, the SEC is less likely to classify them as securities. The key factor is whether buyers are investing with the expectation of earning something in return. Since your NFTs are purely for collecting... View More

1 Answer | Asked in Banking, Consumer Law and Identity Theft for New Jersey on
Q: Recently, there were fraudulent expenditures on my Chase Visa. This is an Amazon/Whole Foods Visa from CHASE.

Customer Service from CHASE says that people are using my card and APPLE PAY. I don't have any Apple Pay and have never given permission to anyone to use my VISA. In August, September, and now October, there are constant fraudulent charges on my VISA. Chase has already changed my card twice... View More

James L. Arrasmith
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answered on Oct 11, 2024

It sounds incredibly frustrating to deal with these ongoing fraudulent charges, especially when you’ve already taken steps like changing your card and contacting Chase multiple times. The fact that the charges continue despite these efforts is a major concern. Since your checking account has been... View More

1 Answer | Asked in Banking for New Jersey on
Q: Someone sent me a check to me and they want the money back or there gonna get the law or fbi involved

They have my information my name and adesss

James L. Arrasmith
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answered on Oct 2, 2024

I'm sorry you're experiencing this situation. First, do not return any money or respond to their demands until you've verified the legitimacy of the check. Scammers often send fake checks and ask for a refund before the original check clears, leaving you responsible for the amount.... View More

1 Answer | Asked in Banking, Business Law and International Law for New Jersey on
Q: to trade forex with plexytrade, an offshore broker that offers high leverage, is this illegal or will i be fined?

does it make a difference if it is forex, or crypto or metals? (i am not sure which are cfd's and which aren't?

James L. Arrasmith
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answered on Sep 24, 2024

Trading forex with an offshore broker like Plexytrade isn't automatically illegal, but it does come with significant risks. U.S. residents are required to trade with brokers regulated by U.S. authorities, like the CFTC or NFA, to ensure compliance with local laws. Trading with an offshore... View More

2 Answers | Asked in Consumer Law and Banking for New Jersey on
Q: I let my boyfriend make trades on my brokerage account and it resulted in a $20,000 loss

I am looking to what I can do to recoup losses. He does not have a license to trade other peoples money. I told him he could. I told him what I did not want to hold within the account and he would not sell them. I was not monitoring the account as I was at work. He told me to trust him multiple... View More

Leonard R. Boyer
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answered on Sep 18, 2024

You allowed him to do it, so who are you going to take legal action against? Any Court would treat this case as a he said -she said and it will almost certainly be a useless exercise. Good luck.

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1 Answer | Asked in Banking, International Law, Internet Law and Business Law for New Jersey on
Q: Hi,Selling gift cards on paxful.com for bitcoin, is it against any law?

I sell electronics. one of my customers wants to pay by giving me visa gift cards. I want to get the money off the gift cards. (my credit card processor doesn't let me swipe it on my credit card machine). can i buy on paxful.com BTC with the visa gift cards and then sell the BTC on... View More

James L. Arrasmith
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answered on Nov 13, 2023

Trading Visa gift cards for Bitcoin on platforms like Paxful.com and then selling Bitcoin for cash on Coinbase.com is not inherently illegal. However, it's important to be aware of and comply with the terms of service of both platforms. Also, be mindful of federal and state regulations... View More

1 Answer | Asked in Banking for New Jersey on
Q: I didn’t realise that my son has been messing with my equity account not an authorised user. Lost a lot of my money

Is the bank liable at all? been going on for months I didn’t realise I never look at the account because I am typically the only one who uses it

James L. Arrasmith
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answered on Nov 12, 2023

In New Jersey, the liability of the bank in a situation where an unauthorized user, like your son, has accessed your equity account, depends on several factors. Generally, banks are not liable for unauthorized access to your account if you have not promptly reported the unauthorized use as soon as... View More

1 Answer | Asked in Business Law and Banking for New Jersey on
Q: LLP took out SBA EIDL loan. Loan docs mention personal liability. One partner leaving does this effect buyout.

Partner buying out leaving partner wants to reduce buyout amount by leaving partners % of sba loan liability. Is this right? Nothing in partnership agreement and buyout terms mentions liabilities.

T. Augustus Claus
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answered on Sep 15, 2023

When a partner leaves an LLP that has taken out an SBA EIDL loan, the implications for the remaining partners can be influenced by several factors, including the terms of the partnership agreement and the loan documents. If the partnership agreement does not explicitly address the allocation of SBA... View More

2 Answers | Asked in Banking, Consumer Law and Collections for New Jersey on
Q: I hold business credit cards with outstanding balances from major banks including PNC Bank, BOA, and Chase.

These CC accounts are approx. 2-3 years old and unfortunately, due to business challenges, I am considering closing down the business. I personally guaranteed these business CC. The business has been experiencing financial instability for a while now, and it has become increasingly difficult to... View More

Leonard R. Boyer
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answered on Aug 29, 2023

If you are in CA, why are you asking for NJ? The State you live in determines where you would file bankruptcy if that is appropriate. Whether you will have to file both a business and personal attorney cannot be determined on these facts. Pick the best attorney you can find and remember one rule:... View More

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2 Answers | Asked in Estate Planning, Family Law and Banking for New Jersey on
Q: My brother passed away October 2022 and didn't have a will, can I collect his funds from his bank account?

His friend and coworker attempted to gain access to his funds from his Bank Of America accounts since my brother didn't have a Will or designate anyone with the Power Of Attorney, does he have a claim even though I'm his sole kin?

Morris Leo Greb
Morris Leo Greb
answered on Jun 6, 2023

In a joint account, in the case of one joint tenant dying, the survivor takes. In all other matters, probate proceedings must be filed with the County Surrogate, an administrator will be appointed and a bond required. Thereafter, the estate will pass in accordance with state statutes.

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1 Answer | Asked in Banking for New Jersey on
Q: am i legally required to pay back an overdrawn bank account

i deposited a check into my bank account it cleared so i started spending the money, i then got a call from my bank a few days later saying

the check had been flagged as fradulent and my bank account is overdrawn $4500.

Leonard R. Boyer
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answered on May 14, 2023

Yes, you are legally obligated to repay the check. I personally make it a practice if I have any doubts about the person or the check to call the issuing bank. They can tell you if it is safe to deposit the check in your account. The police in your town will probably allow you to file bad check... View More

2 Answers | Asked in Banking and Collections for New Jersey on
Q: Wells Fargo is withdrawing money from my account for CC debt without my permission. Is that legal?

I tried to work with them with a debt consolidation firm a few years ago. They were the only CC that would not. I have my personal accounts and my mortgage through them. They continue to take money out of my account and refuse to work with me to set up a payment plan for repayment. I can't... View More

Morris Leo Greb
Morris Leo Greb
answered on May 3, 2023

In order for the withdrawals to be made there must either be a provision in the loan agreement or a suit was filed for which a judgment was obtained to collect the debt.

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