Legal Question in Banking Law in California
Is it legal for a bank to offset over 90% of the funds in a joint savings account in which only one of the two account holders is the owner of the debt?
Asked on 10/22/16, 2:59 pm
1 Answer from Attorneys
Yes. The rule on joint accounts is that any amount that the debtor could withdraw can be taken to satisfy the debt. On a joint bank account, either party could take out 100% of the funds. Therefore, a 905 set off is perfectly legal.
Answered on 10/24/16, 2:08 pm
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