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New York Banking Questions & Answers
1 Answer | Asked in Banking and Immigration Law for New York on
Q: Is there any legal reason for banks to deny immigrants from opening checking accounts?
Michael David Siegel
Michael David Siegel answered on Sep 8, 2018

Immigrants are not denied checking accounts. But you need a certain level of ID and a tax ID number to do so.

1 Answer | Asked in Banking for New York on
Q: money deposited into bank account

My sister met this guy online she gave him her banking information when he asked so he could send her money, he sent money and now he is demanding she buy gift card with the money what does she do he started getting aggressive once he deposited and from my understanding the money has not cleared... Read more »

Michael David Siegel
Michael David Siegel answered on Aug 14, 2018

This is a common scam. It will not clear the bank, and she will be liable. DO NOT WITHDRAW ANY MONEY.

1 Answer | Asked in Banking and Business Law for New York on
Q: Can a NY C Corp lend money to a MD LLC without breaking any laws?

Using a promissory note with a zero or low interest rate. I'm thinking of banking laws and securities laws.

Michael David Siegel
Michael David Siegel answered on Aug 3, 2018

Yes, as long as the lending is to a known entity and not a solicited transaction. Then it is banking.

1 Answer | Asked in Banking for New York on
Q: Is it allowed to deposit foreign currencies into a US bank or do you always have to exchange it before depositing?
Michael David Siegel
Michael David Siegel answered on Jul 30, 2018

You must exchange it. Or have the bank do it. But all deposits must be dollar denominated.

1 Answer | Asked in Bankruptcy, Consumer Law and Banking for New York on
Q: Hi, I've signed up for a MMA and they charged me 1809 for two months when others are charged 250 Signed a contract

I really don't know what to do, We tried to use a credit card but the funds were insufficient so the credit card wasn't charged, The contract says it's nonrefundable. Other people are charged 260 for 4 classes a week when i blindly signed and now am sopposedly charged '2 monthly installations of... Read more »

Jonathan David Warner
Jonathan David Warner answered on Jul 27, 2018

I'm not sure I see how this relates to Bankruptcy... If you're seeking to determine whether this can be discharged in a bankruptcy case, the answer is likely "yes".

Otherwise, it seems to me that you signed a contract and that you're liable for whatever obligations you voluntarily signed up...
Read more »

1 Answer | Asked in Banking for New York on
Q: i am separated from my spouse for 25years but sill married. can debtors take money from my bank for HIS medical bills?

i am separated from my spouse for 25 years but we are legaly still married. can a debtor take the money out of my bank for medical bills HE owes and are only in his name?

Michael David Siegel
Michael David Siegel answered on Jun 6, 2018

While unlikely, under the "doctrine of necessaries", it is technically allowed for a creditor of medical bills to pursue you.

1 Answer | Asked in Banking, Intellectual Property and Real Estate Law for New York on
Q: Dad passed away and left property to sell and split with my brothers. Do I have to split my share with soon to be ex?

It was a dairy farm in Oswego county. Should I have my share deposited in an account with only my name on it?

Michael David Siegel
Michael David Siegel answered on May 12, 2018

probably not.

1 Answer | Asked in Banking for New York on
Q: In New York, is a transfer upon death of bank funds legal in all cases?

My uncle, a NYS resident died in Dec. 2017. With the transfer of funds upon death his estate has debts to the state greater than the value of the estate. Is this legal?

Michael David Siegel
Michael David Siegel answered on May 1, 2018

I am unclear what transfer you are asking about. It is "legal" if it was a pay on death account. However, that person might need to return funds to pay estate debt. If there are more debts than assets, do not create an estate.

1 Answer | Asked in Banking, Consumer Law and Small Claims for New York on
Q: Can I bring Citibank to small claims court?

I canceled my bank account with Citibank three years ago and Citi said they do not a have a record of any phone conversation documenting that I have attempted to close the account. They have been charging me $25 per month for the the past three years for insufficient funds totaling to approx $600.... Read more »

Michael David Siegel
Michael David Siegel answered on Apr 15, 2018

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.

1 Answer | Asked in Estate Planning, Banking and Probate for New York on
Q: Can a bank refuse to accept a small estate affidavit to close a bank account of $3,000 saying it is their policy?

Pardon me. The form often gets called by different names in different publications and I used the wrong title. The title on the form is anAFFIDAVIT IN SUPPORT OF

WITHDRAWAL OF FUNDS

Deceased. PURSUANT TO SCPA §1310 (2)

BY A SURVIVING SPOUSE. Can they refuse to accept this... Read more »

Michael David Siegel
Michael David Siegel answered on Apr 4, 2018

The bank is right and you are confused. The small estate affidavit gets filed with the surrogates court to get what are called voluntary letters. It costs $1. The clerk will help you. You take those letters (which are a court order) to the bank.

1 Answer | Asked in Banking for New York on
Q: I have a bank account that was charged off and sent to a debt collection agency. I didn't have a chance to turn my direc

Deposit off before 3 paychecks were sent there. The collection agency took all 3 to pay the debt. Is this legal, especially when I was not informed this was happening?

Michael David Siegel
Michael David Siegel answered on Mar 14, 2018

It was probably legal, if the account was levied and you put more money in.

1 Answer | Asked in Banking and Consumer Law for New York on
Q: If you have multiple accounts with a bank, including a Custodial Account, and deposit a check into one of your regular

accounts that bounces, can the bank legally retrieve their money and/or fees from the Custodial Account?

Michael David Siegel
Michael David Siegel answered on Feb 5, 2018

No.

1 Answer | Asked in Banking and Consumer Law for New York on
Q: I had an atty set it up so that my daughter owns my home and I have the right to live there. Can I get a heloc alone?

Would my daughter need to sign? What would happen to the heloc when I die?

Michael David Siegel
Michael David Siegel answered on Feb 2, 2018

You both need to sign.

1 Answer | Asked in Banking, Social Security and Tax Law for New York on
Q: My mother in law receives SSI and NYS tax went into my husbands account and took all his savings. Is this legal?

My mother in law lives in NYC. MY husband lives in Florida. The savings account had about $7000 and it was emptied by the state of NY tax due to his mother's SSI earnings.

Michael David Siegel
Michael David Siegel answered on Jan 30, 2018

If it was a joint account, then no.

1 Answer | Asked in Banking and Collections for New York on
Q: Can I immediately use money from an unclaimed fund refund?

The money was in a timelocked bank account since I was a kid but somehow NYS said the account was inactive and they claimed the money. We got the money sent back to us but can I use it now as opposed to the original date agreed upon? It’s not in an account anymore so does it still need to follow... Read more »

Michael David Siegel
Michael David Siegel answered on Jan 24, 2018

You can use it now.

1 Answer | Asked in Estate Planning, Banking and Probate for New York on
Q: Do you need to file as an administrator if there isn't a will when an parent dies and you're not on his checking account

My step father passed away Dec. 11, 2017, and there wasn't anyone on his banking accounts, I was told I needed to apply as administrator to close out accounts, but I can't as I am a step child. My uncle is his closest living relative we can't find his biological daughter. If my uncle isn't on the... Read more »

Michael David Siegel
Michael David Siegel answered on Jan 13, 2018

It is easier if your uncle is administrator and collects the account. The amount will govern the process.

1 Answer | Asked in Banking and Probate for New York on
Q: Mom passed no will. Bank froze account for 30 days bank says my sister and I have to both come to bank to collect.

My sister will be in rehab with no contact what do I do?

Michael David Siegel
Michael David Siegel answered on Dec 4, 2017

The freezing sounds right. The idea that you both need to come is not right unless you are pay on death beneficiaries.

2 Answers | Asked in Banking, Contracts, Foreclosure and Real Estate Law for New York on
Q: 2 Deeds Submitted into CC Office

How would I proceed regarding a property Deed that was signed over to me via power of attorney. The property was originally between a mother and son, the mother signed deed over to me and which I submitted into the CC office for recording (received verification letter for the recording from CC... Read more »

Derek John Soltis
Derek John Soltis answered on Nov 18, 2017

Bring your deed and the verification letter to an attorney to review. You are looking to bring a quiet title action.

An action to quiet title is a lawsuit brought in a court having jurisdiction over property disputes, in order to establish a party's title to real property, or personal...
Read more »

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1 Answer | Asked in Banking and Business Law for New York on
Q: Can a bank be held reliable for stopping a business from doing business and losing money?

I started a new business account and the initial deposit was released from hold so I immediately started writing checks to my associates and now they put a stop on every check I wrote and say the are investigating but can not tell me what they are investigating for and have no time frame. I can not... Read more »

Michael David Siegel
Michael David Siegel answered on Nov 6, 2017

No, unless the bank officer intended to harm you and you can prove it.

1 Answer | Asked in Banking, Collections and Consumer Law for New York on
Q: I had a freeze put on my bank account for a hospital bill I knew nothing about from 2009.

The lawyer wants double the amount of the original bill to settle the matter. He has a F rating with the BBB and has terrible reviews all over the internet. Is there a statue of limitations for this in NY?

Michael David Siegel
Michael David Siegel answered on Oct 23, 2017

The statute of limitations applies to bringing an action. Once the judgment is entered it is on the record for 20 years. You need to bring a motion to vacate the judgment.

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