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 Bank of America withdrew all funds from my personal bank account (over $1500) with no notification and no authorization. When I inquired they told me that it was to "offset" debt from an unrelated business account to which I also have access. I have now spoken with six different customer service representatives at the bank requesting a claim form. They claim they have no claim form.
This has happened on two previous occasions. On both of those occasions they supplied me with a claim form that I filed, and they reversed the action.
I cannot imagine by what authority (clearly they have power because they have computer access everything in the bank) they can simply withdraw all monies from an unrelated account. Will you please explain this to me? Is there redress?
Answer John, In the fine print of the contracts (signature cards)for both of the accounts you mention is language which gives banks rights to "offset" debts of one account holder with funds in a seperate account shared by that account holder.
It makes a difference as to whether or not the business account is a proprietorship, partnership or corporation. If a corporation, the offset may be unauthorized. The bank is not obligated to give you a claim form. If you think the transaction was not valid you should make written demand for the amount transferred. Make sure your letter is factual and detailed. Jim
