Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Not experienced with your particular debacle, but I had a joint account with the now ex-wife. Just after I moved out, prior to the divorce, she drained the bank account of $20,000. That had actually come from a sale of my mother's property, not community property, and it put quite a pinch on my finances. I could not put stops on each of her checks, so I was forced to close that account and open another in my name only.
You are nice enough to figure out how to return his money.
"it's what you have to do"
Status:
"I don't understand. But I don't care, so it works out."
(set 6 days ago)
35,627 posts, read 17,953,728 times
Reputation: 50650
Quote:
Originally Posted by WellShoneMoon
He'll keep writing checks on the accounts forever if I don't close them. I'm just afraid he'll do something that leaves me liable for paying the bank back because I'm a joint owner of the account.
Okay, so I guess that's it. They want to be able to come after you and hold you liable for checks he writes. That's why they refuse to let you out of this joint account. If you vacate your liability, and he keeps writing checks, they have fewer people to come after to pay them.
To not be able to remove yourself has no logical reason that I've ever found.
But when it comes to some mystifying things banks can do, let me tell you this one.
Got a properly made out, witnessed and notarized POA and went to his bank to add myself to his account.
No way it could be done, possibility of fraud, blah,blah,blah... and was told he had to come in ,in person, for us to open a joint account. ( He was not physically able to do that)
BUT........they were perfectly willing to write me a check for any or all of the amount in the account!
I would immediately cancel the accounts. You have notified him by mail if he hasn't contacted you by now its irresponsible on his part. You should not be entangled financially with a "stranger" whose actions could ruin your credit. Don't be nice, be tough about this.
I'm not able to remove my name from the accounts. I can't just relinquish my joint ownership and let the accounts be only in his name, the way they were before I was added to them. According to both banks, one of us has to cancel the accounts, and he has to open new accounts in his name only. I can't just ignore the accounts, because since I'm a joint owner, if he overdrafts the account, I'm liable.
Can anyone explain this policy to me?
Here's your answer:
Quote:
The officer at one of the banks gave me a long story about possible fraud, and divorces, and ex-spouses running off with the other spouse's money, but none of that seems to me to be relevant to my wish to get my own name off a bank account.
You mention closing the accounts yourself and sending the money back to him. Well, maybe you are an honest person, but there are a lot of people who wouldn't be, and would keep money that is not meant for them.
Every bank does things differently and has different policies for this and that.
My bank, for example, refuses to cash insurance checks, they have to be deposited and allowed to clear before the money can be withdrawn. It was a lot of fun when I was a teller for them, and dealing with customers saying "but it's only TEN DOLLARS!!" Nope, didn't matter if it was $10,000 or $10.00. It was because insurance checks are not considered to be guaranteed funds.
I believe that you can remove your name if BOTH of you sign the paperwork removing your name. Have you checked on that possibility?
If your ex won't cooperate, then tell him that you are going to close all accounts (as a co owner, you can do this) in 30 days so he has 30 days to either cooperate or open new accounts, whatever. Then just do it and send him a cashier's check for the balance that was in the accounts.
It's probably more complicated than it seems, but you shouldn't have too much trouble getting him to open a new account. After all, if he doesn't, closing the account is the nicest thing you can do. You can also simply withdraw all his money and keep it. Hopefully he will realize that he needs to change it in order to protect himself, if he isn't interested in protecting you from anything.
That, like my story is what is so stupid!
She can take ALL the money as far as the bank is concerned but can't take her name off because it's to protect him???
I was able to get my name removed from anaccount I no longer wanted to be associated with. However that was 20 years ago & I don't remember the process, but it seemed simple enough at the time. A relative had put me on as a co signer so I could pay her bills while she went traveling.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
