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New Jersey Banking Questions & Answers
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

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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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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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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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 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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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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1 Answer | Asked in Banking, Business Formation, Business Law and Contracts for New Jersey on
Q: What documents need to be signed when adding a new Shareholder into a S corporation in New Jersey?

For Example, Currently:

Shareholder 1 owns 51% - President

Shareholder 2 owners 49% - Vice President

The New breakdown will be

Shareholder 1 owns 51% - President

Shareholder 2 owns 24.5% - Vice President

Shareholder 3 owns - 24.5% - Treasurer... View More

Morris Leo Greb
Morris Leo Greb
answered on Feb 20, 2023

The corporate record book should be updated and kept current showing shareholders' interest, number of share held, transfer information, purchases, and dates of such activity.

2 Answers | Asked in Banking, Business Formation and Business Law for New Jersey on
Q: How do you start a business?
Samuil Buschkin
Samuil Buschkin
answered on Nov 8, 2022

There is a lot that goes into asking and answering this question. The legal aspects are probably secondary to business planning. Before you need an attorney you need to have a clear idea, a business plan, sufficient funding, and the right personal environment to launch a business.

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1 Answer | Asked in Criminal Law and Banking for New Jersey on
Q: I received this summons in my mail saying the charges is 2c:21-5 and 2c:20-3A I’m scared I’m a single mom with three kid

I have three kids I’m all they have I haven no family I’m scared for me n my kids

H. Scott Aalsberg
H. Scott Aalsberg
answered on Oct 29, 2022

Yes you should be concerned whenever you get a criminal charge as you do have two. But if you get a good lawyer you can rest assured that you are doing all that you can to win, reduce or eliminate the penalties that your facing. Most of us criminal lawyers offer a free in office consultation, so... View More

2 Answers | Asked in Banking, Bankruptcy and Collections for New Jersey on
Q: Hi, I have about $100k in business credit card debt(a total of 11 credit cards). I am the personal guarantee for all

of them. All cards are current and I am still making payments, but not getting no where with the interest rates.

Can I negotiate with the banks for a lower amount?

How will this impact my personal credit and my business credit (Dun & Bradstreet)? If I am not able to satisfy the... View More

W. J. Winterstein Jr.
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W. J. Winterstein Jr.
answered on Jun 16, 2022

If your credit accounts are current, of course you can approach the credit card issuers with a request for a lower interest rate, but your chances of success are dim when the Fed is raising rates steeply toward a tentative goal of 5.5% by year's end (that's the prime rate, and most credit... View More

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1 Answer | Asked in Banking and Collections for New Jersey on
Q: I found out I have a bank levy and they took all the funds from my account. I have direct deposit from my job.

Since they already withdrew my funds, will I receive my next deposit?

Leonard R. Boyer
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answered on Feb 26, 2022

First of all, we don't know who "they" are, so realistically, you should first make sure your next direct deposit goes into a new account, like a Credit Union. Second, you need to retain an experienced civil litigation and bankruptcy attorney and possibly someone who also has a... View More

1 Answer | Asked in Criminal Law, Banking and Business Law for New Jersey on
Q: Hello there, how do I go about bringing embezzlement charges against someone? What lawyer would I be looking for?

My husband’s business partner stole $20,000 from their joint business account after my husband was locked out of the online banking portal. It been going on for a couple of months and it’s clear the the former business partner had something to do with that; which I can only assume is bank fraud... View More

H. Scott Aalsberg
H. Scott Aalsberg
answered on Feb 15, 2022

You need a lawyer that handles litigation the lawyer fees however for these types of cases are never cheap as generally you will be in protracted litigation as people will generally try to hide their wrongful actions.

1 Answer | Asked in Estate Planning and Banking for New Jersey on
Q: does a debtor need the POA's SSN, DOB, full name, Address, phone # and email to get information on the account?

i am trying to get information as a POA from an account set up by a prior POA for my grandmother. They are asking for all of my personal information to access her account stating "Banking laws require" it sounds odd since my information has nothing to do with her account.

Nina Whitehurst
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answered on Feb 10, 2022

Personally, I agree with you that all of that information about YOU, the attorney in fact, should not be required. Some of it, maybe, but not all of it. HOWEVER, the sad fact is what the bankers are telling you is correct. They have to satisfy government regulatory requirements that mandate that... View More

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