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Maryland Banking Questions & Answers
1 Answer | Asked in Banking and Business Formation for Maryland on
Q: Can a minor operate a bank account for a business?

I'm an 16 year old trying to start a non-profit. As a minor, am I allowed to operate the bank account for my non-profit?

Mark Oakley
Mark Oakley answered on Feb 1, 2021

Until you turn 18, you are deemed a minor without legal capacity to enter into binding enforceable contracts. That means no other parties will agree to do business with you if they know you are a minor. Banks require that you show photo ID and proof of age, so you cannot open an account solely in... Read more »

1 Answer | Asked in Estate Planning and Banking for Maryland on
Q: Rules on checks written to minors. How do you do this correctly?

Can I write a check to my 2 year old grandson in his name. Of course, his father would have to endorse it. Would he have to set up a new account for the child?I recall getting a check as a child and it read pay to the order of my name (minor).

Please let me know. Thank-you

Cedulie Renee Laumann
Cedulie Renee Laumann answered on Jan 18, 2021

Maryland law allows for minors to hold funds in special accounts under the Uniform Gift to Minors Act. Such accounts have the minor's name PLUS an adult "custodian" who acts on behalf of the minor until they reach majority. The funds belong to the minor but the adult can make... Read more »

1 Answer | Asked in Consumer Law, Small Claims, Tax Law and Banking for Maryland on
Q: Can I take legal actions towards my financial advisor for being dishonest?

So in January my mom got a letter from her financial advisor which was from the IRS telling her that she had to fill out a W-9 because the social security she had in her account was wrong. My mom immediately took action and we went to our financial advisor office to correct the social security... Read more »

Marie-Yves Nadine Jean-Baptiste
Marie-Yves Nadine Jean-Baptiste answered on Sep 19, 2020

Contact the IRS to verify.

1 Answer | Asked in Banking for Maryland on
Q: Can I press charges if I was given a fake check which took me a $30 stop payment fee check after cancelling the deposit?

Some men messaged me. He told me he'd give me an "allowance" and he said we needed to do a test in for him to know that he can trust me. He sent me a check and told me to deposit it and I did. Then I got scared and after doing some research I realized that he was doing a popular... Read more »

Mark Oakley
Mark Oakley answered on Jun 24, 2020

Yes. Call the police and provide the email address, telephone numbers, names, whatever it is you have. My guess is the scammer is too smart to use anything traceable back to him, but that's an issue for the police to figure out.

1 Answer | Asked in Banking, Insurance Defense and White Collar Crime for Maryland on
Q: If I have been falsely accused of forging personal checks by a life insurance company what can I do to prove my innocene

If I was made the beneficiary of an anuity and the life insurance company the anuity was through says that their "signature expert" says that checks that were signed by the anuity holder and issued to me as reimbursement dont match alleging that they may have been forged what can I do to... Read more »

Mark Oakley
Mark Oakley answered on Jun 2, 2020

It is unclear whether you have actually been charged with a crime, or whether the insurance company holding the annuity account is simply dishonoring the checks written by the owner of the account. Ideally, the account owner can clear this up by confirming the signatures on the checks is... Read more »

3 Answers | Asked in Banking, Criminal Law and Federal Crimes for Maryland on
Q: can I get charged for committing fraud I didn’t know was happening? Can I put this back on the bank? And my boss?

I got a new job, it’s been done through email so far, seems silly I know but I’m 18 and naive as heck apparently anyways, I get sent a check, I tell the bank lady what I thought it was for, the deposit it, my boss tells to go to Walmart and get money orders and send them else where. Later the... Read more »

Eric Todd Kirk
Eric Todd Kirk answered on Apr 9, 2020

This is actually a pretty common and well-known scam. If you're charged you should immediately hire an experienced criminal defense attorney. Don't make any additional posts about the situation online.

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1 Answer | Asked in Banking, Estate Planning and Probate for Maryland on
Q: Mom and I got a joint checking account a year before she started to get bad. Is this account legally mine?

My mom passed away and a year before she passed her and I got a joint banking account together. Now that she has passed my sister is taking me to Court for the money in the account. How can she do this when I have survivors rights to the account and it's not part of the estate. She's... Read more »

Mark Oakley
Mark Oakley answered on Mar 2, 2020

You are probably on solid legal ground, but anybody can sue anybody whether they can prove the legal right to win or not. Injunctive relief is permitted when there is an immediate irreparable harm that will occur if the court does not issue an immediate temporary order to stop another party from... Read more »

1 Answer | Asked in Banking for Maryland on
Q: Can I prosecute check forgery with only a xerox of the forged check ? The bank destroys original checks.

The College Park post office's outside mailbox was broken into, and 4 of my checks were among the stolen letters. Using a stolen check, a person "doctored" all the original information on it so that the check was made payable to him for the sum of $6,000. He then attempted to deposit... Read more »

William Jaksa
William Jaksa answered on Dec 3, 2019

Why not refer the matter to the police? They investigate these types of crimes every day and understand the rules of evidence and the quality of evidence that is needed.

The short answer is 'yes'. The police will take statements and affidavits from the bank employees, video...
Read more »

1 Answer | Asked in Banking, Civil Litigation and Collections for Maryland on
Q: In Maryland our joint account was served with a writ of garnishment however only of of us is the judgment debtor.

Is it worth trying to get the frozen account taken care of through the collections/law firm or should I go to court and immediately file a motion to release? Does my wife have a case for damages as we cannot currently pay rent, insurance, food etc..

Cedulie Renee Laumann
Cedulie Renee Laumann answered on Nov 18, 2019

An online post cannot give a detailed answer on the best steps to take in a particular situation. The law offers some protection, but it is not automatic.

Generally speaking, if an account is owned as TENANTS BY THE ENTIRETY, in most situations a judgment creditor of only one spouse...
Read more »

2 Answers | Asked in Real Estate Law and Banking for Maryland on
Q: Does the buyer's bank have an obligation to complete their actions on a home sale in a certain period of time?

I'm selling my home in Allegheny County and buying another close by on a contingency of selling my house. The purchase of the new house has gone without a hitch. The sale of my current home however has been difficult. Buyer took a lot of time getting final documentation to her bank. Now... Read more »

Richard Sternberg
Richard Sternberg answered on Nov 13, 2019

You have no privity with the buyer's bank, and they have no duty to you. Indeed, they have a duty of confidentiality with their customer, such that they should not tell you if the real problem here is the buyer. Your contract with the buyer controls your relationship. The buyer's contract... Read more »

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2 Answers | Asked in Banking for Maryland on
Q: I have recently come across a scam that involves the use of united states post office boxes and a local bank branch.

My banking account was accessed using this scam and money is now missing. Do I need a lawyer or should I continue to look into this problem on my own.

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Oct 28, 2019

It is difficult if not impossible for any lawyer to tell you whether you should seek legal assistance or continue looking into the problem on your own--when you have not described the problem first.

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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
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 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
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... Read more »

1 Answer | Asked in Banking, Civil Litigation and Contracts for Maryland on
Q: if I use Maryland code § 11-504 regarding $6,000 exemption, can I file multiple objections if they file a 2nd garnishmen

I had a garnishment on a bank account and it was only $150.00 in it. I am filing an objection under the above code. If they file another garnishment on a separate bank account can I file another objection or is it a 1 and done objection?

Mark Oakley
Mark Oakley answered on Jul 9, 2019

Yes. You would have only used $150 of the exemption amount on the one account. Your exemption rights are static--they apply at any given snapshot in time to protect that amount of your assets, below which threshold creditors may not attach and seize, and above which they may. Where you have... Read more »

1 Answer | Asked in Banking, Civil Litigation, Contracts and Land Use & Zoning for Maryland on
Q: if i have a judgement for leaving a lease early, can they garnish my business accounts or just personal accounts?

I had to leave a lease early for medical and the landlord got a judgement for $10,000. they garnished a personal bank account but did not garnish my business account. I am filing an objection to MD code § 11-504 but am not due why they only tried for personal. an I object to the business... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jul 8, 2019

Unless your business is a separate entity--like a corporation or LLC--and is on the written lease as a tenant the landlord cannot go after the business. However, if your business is merely a sole proprietorship (not incorporated) the business might be liable. In either event, do not raise issues... Read more »

1 Answer | Asked in Banking, Consumer Law, Contracts and Small Claims for Maryland on
Q: can a lender garnish a bank account with only $150.00 in it? on a $10,000 judgement. What can we do?

my wife and I left a leased property early and had a $10,000 judgement entered against us. Today we saw her account with $150.00 was garnished.

Mark Oakley
Mark Oakley answered on Jul 6, 2019

Yes. However, all persons in Maryland have statutory exemption rights. Basically, there are various dollar amounts that you can exempt from attachment by judgment creditors. Chief among those exemptions is the $6,000 “wild card” exemption that can be used on any asset you own, including cash in... Read more »

1 Answer | Asked in Banking for Maryland on
Q: can I take my bank to court?

In March my account was hacked into and a fraud check was placed in my account in the amount of $200. I was unaware of these activities until I was making a purchase and discovered my account was over drawn. I called and they removed the overdraft and the fees. Now it’s June and I’m facing... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jun 28, 2019

You have very few legal options--none of which are worth pursuing because there is a much better and cheaper option:

Close the account and find a new bank.

1 Answer | Asked in Banking, Consumer Law and Contracts for Maryland on
Q: Do I need a Maryland Consumer Loan license to lend a friend $6,000.00 and charge 14% interest for a four year term?
Cedulie Renee Laumann
Cedulie Renee Laumann answered on Jun 19, 2019

Your question involves at least two areas of commercial law in this state-- interest rates and lender licensing.

Maryland's laws on lending and usury (maximum interest) are a bit complicated. The legal rate of interest in this state is 6%. To charge more, you must fit within an...
Read more »

1 Answer | Asked in Banking, Business Formation, Business Law and Consumer Law for Maryland on
Q: Do I have a Maryland Consumer Loan license to lend a friend $6,000.00 and charge 14% interest for a four year term?
Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jun 18, 2019

Say what? How can anyone know whether you "have a Maryland Consumer Loan license" or not? And why do you not know?

1 Answer | Asked in Banking, Consumer Law and Collections for Maryland on
Q: Can a company you have a bill with take money from your checking account without a judgment
Bennett James Wills
Bennett James Wills answered on Apr 17, 2019

Your question is unclear. You can't be garnished without a judgment. But a company could auto-draft your account if you signed up for such a service.

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