banks taking money from checking accounts?

[pikaroth]

I know the answer is "yes" to the first part of this, but I have a second question to follow up with. I was called by my attorney yesterday and advised that I should probably change my bank to one that I had no credit cards with. I currently bank with Chase and also have two credit cards with them, and after hearing that and then reading here, it seems that, yes, they can if they wish go into your account. I was told that they would not do this immediately, so I have some time, but I do need to get it done far sooner rather than later.

However, this is my new question: I am also on my sister's account due to her living overseas. She needed someone here who can access it if needs be, so while it is HER account, under HER name, I am still allowed access to it. Is this something I need to worry about? When I begin to not pay on my cards, and that is coming up in the next week for those, given that my account will no longer be there, what can, if anything, they do to her account? She'd like me to stay on the account, but if they are allowed to go into her's due to ME not making payments, then I need to get off of it.

Thanks for any and all input anyone can provide!

[tobee43]

do you have a POA for the account...

if you do you're "safe" because it just means you are "overseeing" her affairs...however, if not, and your name is in fact on the account it may cause problems.

i would suggest if you don't already...get the poa done.

[platter]

Wouldn't it be where they could take it out of your checkings account if you have your checkings established with them where they were 'previously authorized' to take an auto-pay out of it, with your prior approval for you payment to be processed to them in that manner?

As your attorney advised, I'd change a.s.a.p. to be secure.

POA would be good but I wouldn't think they could go into someone else's account if you're not the owner of it.

[tobee43]

Wouldn't it be where they could take it out of your checkings account if you have your checkings established with them where they were 'previously authorized' to take an auto-pay out of it, with your prior approval for you payment to be processed to them in that manner?

As your attorney advised, I'd change a.s.a.p. to be secure.

POA would be good but I wouldn't think they could go into someone else's account if you're not the owner of it.

think again...if both names are in fact on the account they absolutely can...hopefully OP is just an authorized user on the account and NOT named. however, if OP's name is on the account there, indeed could be a problem...it's like anything else that's an asset with another person's name on it. the trustee can demand sale of an item.

[ccsjoe]

Having your name on an account means you're a co-owner on that account, regardless of practical purposes. So legally, if OP's name is on the account then yes, the bank can dip into that account and take those funds to offset its losses. So what you, OP, need to determine is if you're actually on the account or just a POA or authorized signer. If you're on the actual account you may have problems.

[platter]

Below quote is what I was going by ... so my thought was that she's an 'authorized user' in the sense of 'having access.' Having access needs to be clarified by OP, maybe she does have a POA, hopefully.

[QUOTE] so while it is HER account, under HER name, I am still allowed access to it.

[pikaroth]

Just now getting home from work (very long day). I did some research, called my attorney, and sure enough, I DO, as almost everyone here said, need to remove myself from her account. I called the bank, and sure enough, they said we both need to go to a local branch. I advised there was an issue with that due to her being overseas, so then they said have her log on to the site and sent them a "secure message via their online mailing service" and they will tell her what documentation she needs. Sigh. I just want off the account, and I still need to transfer my bank. I have my cable bill and, sadly, the check to the attorney, 'pending,' so I need to hold off on that. Right when things seem to be clicking, something else comes up.

Nevertheless, I am thankful that it is not something extremely bad or difficult to accomplish, so hopefully everything will go well.

As in all other threads, I appreciate everyone's response. Everyone here is great.

[tobee43]

Just now getting home from work (very long day). I did some research, called my attorney, and sure enough, I DO, as almost everyone here said, need to remove myself from her account. I called the bank, and sure enough, they said we both need to go to a local branch. I advised there was an issue with that due to her being overseas, so then they said have her log on to the site and sent them a "secure message via their online mailing service" and they will tell her what documentation she needs. Sigh. I just want off the account, and I still need to transfer my bank. I have my cable bill and, sadly, the check to the attorney, 'pending,' so I need to hold off on that. Right when things seem to be clicking, something else comes up.As in all other threads, I appreciate everyone's response. Everyone here is great.

pika, glad you rec'd the info from the atty. also, may i suggest, and of course this is just an suggestion.... to use a smaller bank like centerstate (we used an even smaller LOCAL bank)...instead of on of the HUGE banking institutions...or better yet we have quite a few credit unions in the general area. we did both. we were always advised a credit union is the best place to help build back up your credit when your a member and so on and so forth...however, i have also seen many complain they don't see as bk friendly anymore. as i said we did both just to start a good.

good luck and make sure you keep us posted!!