joint checking account question

Posted By: Overboard

joint checking account question - 04/22/11 04:32 PM

Husband and Wife have joint checking account and are getting a divorce. The wife comes in and wants to put the account on credits only, because she does not want the husband to have access to the money.
My take is since this is a joint account he could come in 5 minutes later and say he wanted the credits only taken off and it could go back and forth. And what would they do if a check he had written came in for payment they could not in good faith send it back, I told them we would be getting into the middle of a domestic dispute and the bank does not want to be put into that position. I said the best thing to do would be for her to come into the bank and close the account.

How would you have resolved this?
Posted By: Anonymous

Re: joint checking account question - 04/22/11 04:39 PM

Same as you. Have one of them close the account and open a new one.
Posted By: Doug Hendrickson

Re: joint checking account question - 04/22/11 04:40 PM

I would've resolved it exactly as you did. Either of them can come in and close the account at any time.

We would also have the option of closing the account, but I'm not sure if this would be a wise course of action.
Posted By: Bob The Banker

Re: joint checking account question - 04/22/11 04:56 PM

I agree. This is a dispute they need to settle between themselves, the bank can not restrict access to person A because person B wants the bank to, each have equal access -- as long as the account is set up with rights of survivorship, which is generally the case.

However, I would not inform the customer that "the best thing to do would be for her to come into the bank and close the account." as this is not a true statement. That is what she can do to make sure the only person with control of the money is herself. She may be in hot water when it turns out she took it upon herself to put the money completely in her name and not allow her husband, partial rightful owner, to have access.

I would advise the customer the best thing for her to do is to speak with her lawyer to seek legal counsel.
Posted By: Overboard

Re: joint checking account question - 04/22/11 05:06 PM

Yes I agree BTB, The banks CSR told the customer she could come into the bank and close the account.

When the CSR called me and asked what she should do I said the best thing would be if the customer came in to close the account.
That was not relayed to the customer.
Sorry should have clarified that.
Posted By: Bob The Banker

Re: joint checking account question - 04/22/11 05:26 PM

Originally Posted By: Squeeky
Yes I agree BTB, The banks CSR told the customer she could come into the bank and close the account.

When the CSR called me and asked what she should do I said the best thing would be if the customer came in to close the account.
That was not relayed to the customer.
Sorry should have clarified that.

Okay sounds good.

And just to clarify yes, I do agree with disclosing to the customer that she could close the account and re-open, however, I would just not advise the customer that that is the best course of action.
Posted By: Overboard

Re: joint checking account question - 04/22/11 05:39 PM

Thanks for the input everyone.