Legal Question in Banking Law in California
banking laws
I have a business loan with my mother at a bank where I have a joint account with my husband. The business loan is delinquent, can the bank take out money from my joint account with my husband to pay for the business loan, without either of our approval or consent, once again my husband is not on the business loan.
1 Answer from Attorneys
Re: banking laws
Just because you have a joint account doesn't mean that the approval of both account holders to allow the withdrawal of money. Each of you has complete access and control over the funds in the account.
It is very possible that when you signed up for the business loan, you may have signed something allowing them to withdraw payments from your personal account. If that was a clause in your loan, then it certainly is legal. You need to have a local attorney review your loan contract for more specific advice.
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