Can just one account holder withdraw all of the money out of an account?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can just one account holder withdraw all of the money out of an account?
My daughter had a joint account with her grandfather. She has been paying the taxes on the income from that account which has her SSN on it. Her grandfather withdrew all the money out. Is this legal?
Asked on July 5, 2011 under Bankruptcy Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Is it legal to take money that is not yours? Obviously not. But can a joint account holder withdraw the funds in an account and basically leave it empty without the consent of the other account holder? Yes they can. The bank is not privy to the agreement and whatmoney belongs to who. They just know that both have equal access to the account. So I think that you are going to have to decide what you want to do here. And by that I mean that your daughter may have to sue her Grandfather for the money that he took out that was not his. Get together your proof - deposits, statements, 1099 info, taxes paid - what ever it is. And then decide if you can do this in small claims court or it requires filing in a court that has a bigger monetary ceiling. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.