Legal Question in Banking Law in Illinois
Can a bank remove money from a custodial bank account to satisfy the custodians debt owed at the bank?
Asked on 1/03/12, 6:34 pm
1 Answer from Attorneys
Maybe - bank accounts are subject to regulatory and contractual rights, rules and obligations. You would have to look at the bank's account details. As one small example, custodial fees that are part of the account "arrangement" are typically withdrawn automatically on the due date. If this is some "other" kind of debt, it depends on how the custodial account was set up.
Answered on 1/04/12, 7:29 am
Related Questions & Answers
-
Is it legal for Citibank not to allow you to have a beneficiary on your checking... Asked 12/10/11, 9:48 am in United States Illinois Banking Law
-
I was living in North Carolina with some friends, and had a bank account opened in... Asked 9/23/11, 12:52 pm in United States Illinois Banking Law
-
Can i return my house to the bank , i am paying to time Asked 8/21/11, 9:16 pm in United States Illinois Banking Law
-
My mother passed away on May 11, 2011 at age 87.. She left a $12,000 I.R.A. from... Asked 8/16/11, 12:40 pm in United States Illinois Banking Law