AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question Hi Jim!
Question: I receive a regular monthly trust payment via electronic transfer from a bank in the same state in Ohio, sent to my personal checking account. It was deposited on May 1, & then revoked
on May 4th without my consent. What is the law re: such revocation without my consent & approval. Which bank is liable - the sending or receiving institution? Can you refer me to the chapter & verse of bank law which covers this please? Thank you, Jim, in anticipation of your
expertly researched answer!!!! Best regards, Donna
Answer Donna, state banking laws and the account contract you have signed gives the bank a wide latitude in reversing entries for various reasons. There really is no chapter and verse at least until you know all the facts. Your first move should be to investigate why the payment was reversed and by whom; the trustee, the paying bank, the Trusts's bank? If after that investigation you are convinced that you have been wronged and know by whom you can proceed with whatever demands need be made to return your funds. Sorry for the vagueness of my response but situations as yours are most always a questions of facts not law. Jim
