Legal Question in Banking Law in Illinois
My bank froze my 2 personal accounts and told me they were going to send all my funds to back to banks where deposits originated from because they said the party who initiated the deposits did it with stolen money. Isn't the bank required to get authorization from me prior to just taking my money and sending it to a third party and then closing out my accounts?
Asked on 4/09/10, 9:03 am
1 Answer from Attorneys
Zedrick Braden III
Ainsworth & Associates PC
Yes. In my opinion, the bank is making assumptions about the source of the money, without notifying you ahead of time. That bank needs to explain in writing the basis for its determination that the deposits in your account were the product of robbery. Will be happy to discuss this further and in more detail.
Answered on 4/19/10, 1:01 am
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