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New York Banking Questions & Answers
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.

2 Answers | Asked in Banking, Business Law and Federal Crimes for New York on
Q: Can a business retain any portion of stolen money, innocently received?

A NY retailer received $20K in credit card payments, and as a direct result, spent $10K in shipping. Only after, it was discovered the $20K was fraudulent. She is ready+willing to return the $20K. But this leaves her with a loss of $10K. Can she compel the bank or payment processor to make her... Read more »

Michael David Siegel
Michael David Siegel answered on Sep 27, 2017

No. You owe the money back. There are criminal issues here too. Make a payment plan.

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1 Answer | Asked in Banking and Consumer Law for New York on
Q: my bank sold my car without giving me a deadline for the payment, i just got the money today, car was sold 5 days ago

My payments were and still always on time 100%, my car was taken by the city marshals for tickets, the bank called me and said they had paid remaining balance, that all i had to do was make a payment of $1245.00 to get it back, this was on 8/29.. at no given moment was a deadline or disclosure of... Read more »

Michael David Siegel
Michael David Siegel answered on Sep 25, 2017

Nothing. The marshal sold the car, not the bank. You owe the bank. The check I assume was from the marshal for the overage on the tickets.

1 Answer | Asked in Banking for New York on
Q: If I'm the "guarantor" of a businss loan, what am I responsible for?
Michael David Siegel
Michael David Siegel answered on Sep 15, 2017

Paying the loan.

1 Answer | Asked in Banking and Consumer Law for New York on
Q: I was scammed and now my account it frozen and my bank says i have to pay it is there anything i can do

I was offered a job and after a on the phone interview i got the job i was told they would send me a checl for work meterials i was to deposit it the send the money to the supplier for the materials so i dis they sent me two other checks and before i did anything the first one bounced and i was... Read more »

Michael David Siegel
Michael David Siegel answered on Sep 15, 2017

File a criminal complaint with the DA.

2 Answers | Asked in Banking, Contracts and Real Estate Law for New York on
Q: If back owed fees have been caught up on the abandoned unit, does the association have the right to continue to collect?

I have been renting a unit from a complex for 3 years. It's come to my attention that the owed fees to the unit are well passed being caught up. And I have continued to pay the same monthly rent, after well into a year of the owed balances being paid.

Michael David Siegel
Michael David Siegel answered on Aug 24, 2017

I do not understand. How is it abandoned if you are living there? Why would your rent be tied to the owners fees?

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2 Answers | Asked in Bankruptcy, Banking, Civil Litigation and Collections for New York on
Q: what to do when debt collectors take money out of a joint account in search of person A but only person B's $ is in it?

my dad and i have a joint accnt from when i was 17 and has never participated in my account, never made any deposits/withdrawals/anything, only upon my request to take out cash for me sometimes when i needed, his participation was just to accompany a minor in opening an account and purely for... Read more »

Leonard R. Boyer
Leonard R. Boyer answered on Aug 16, 2017

Your Dad, if eligible needs to file Bankruptcy, otherwise, you probably won't be able to get it back. To properly answer your questions and address your concerns, the best way to handle this is with an in person consultation with an experienced bankruptcy attorney.

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2 Answers | Asked in Banking and Foreclosure for New York on
Q: Can a law firm file a second motion for summary judgement, 1 year later, based upon an affidavit from an attorney

Cont...stating that at one time she had position of the original promissory note from the bank on a home foreclosure case?

Michael David Siegel
Michael David Siegel answered on Aug 15, 2017

Can they? For $45 anyone can file a motion for anything. Will they win? Not likely, as attorney affirmations are disfavored.

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1 Answer | Asked in Banking for New York on
Q: can an foreign NGO authorized in the state of NY open a bank account with a local bank?
Michael David Siegel
Michael David Siegel answered on Aug 13, 2017

Yes. If authorized in New York.

2 Answers | Asked in Banking and Consumer Law for New York on
Q: Can anyone with a key access my safe deposit box?

The bank keeps insisting that I was never a lessee of the box, yet I accessed the box on several occasions.

Ali Shahrestani, Esq.
Ali Shahrestani, Esq. answered on Jul 25, 2017

You may want to open a new box to avoid any legal issues. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney such as myself. You can read more about me, my credentials, awards, honors, testimonials, and media... Read more »

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1 Answer | Asked in Banking, Small Claims and Probate for New York on
Q: My uncle died he left about $15,000 in bank account he left no will .I paid for funeral how do I get money from bank.no

He had no sons ,wife,or mother or father alive

Michael David Siegel
Michael David Siegel answered on Jul 17, 2017

You need to file what is called a Voluntary Administration in the Surrogate's Court of the county your uncle resided in when he died. It costs a $1 filing fee.

1 Answer | Asked in Banking, Business Formation and Business Law for New York on
Q: Can I open a business bank account for someone else with an authorization letter?
Barry Eran Janay
Barry Eran Janay answered on Jul 5, 2017

Yes, but you'll need the articles of organization, the FEIN #, and a board resolution indicating that you are authorized.

2 Answers | Asked in Banking, Business Formation, Business Law and Identity Theft for New York on
Q: About "Power of Attorny" and "Legal Representative Agreement"

We're not partners, he owns a retail business and I'll be managing his business on amazon and further on online as part of a service our company provides. I'll also have to sign his checks and be on top of everything. Can someone please tell me the specific form I need?

Michael David Siegel
Michael David Siegel answered on Jun 30, 2017

You need an employment agreement. There is no "form".

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3 Answers | Asked in Banking, Business Formation, Business Law and Identity Theft for New York on
Q: What exact form do I need to have to give my power to someone to manage my business and bank account, signing checks etc
Donovan A Rodriques
Donovan A Rodriques answered on Jun 30, 2017

Your options may depend on your type of business entity and shareholder/member agreements currently in place. In general, you will need a power of attorney. Preferably, you may appoint the individual as a manager of the business, with all powers necessary to conduct the operations and business... Read more »

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1 Answer | Asked in Banking and Probate for New York on
Q: My husband passed away 4 years ago. I am the sole beneficiary of his estate. How do I get checks in his name cashed?
Michael David Siegel
Michael David Siegel answered on Jun 28, 2017

You need to form an estate and become administrator.

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