What to do if my banktook $1,800 from my personal account for a business loan without permission notice?

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What to do if my banktook $1,800 from my personal account for a business loan without permission notice?

It is a S-corp business.

Asked on November 30, 2011 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Ordinarily, a bank could not take money from a person's personal account for corporate debt. However, if in taking out the business loan, you signed documentation guarantying the business debt and/or agreeing to allow the bank to have recourse to your personal account for the business debt, then it may be able to. To answer  this question, review your paperwork with the bank; you can also go to the branch and ask a branch manager to explain the authority under which they did this. It's essentially a contractual issue--if  you agreed to let them do this, they can.


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