Legal Question in Banking Law in Missouri

Account Transfer Limits
If I have two joint accounts - one with one party and the second with a different party. Can I transfer money from the first account to the second? Are there any rules on the amount of money that is transferred between those two joint accounts without raising any legal flags? Is it ok to transfer thousands of dollars from one account to the other since my name is on both? And yes, both joint parties are in agreement with the transfers.

Asked on 10/30/07, 5:31 pm

David Anderson Anderson Business Law LLC

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Re: Account Transfer Limits

I guess I understand why the joint owner of recipient account would agree, but why would the joint owner of the transferring account agree?

WHose money is it?

WHose Tax ID is on each account?

What type of "legal flags" are you concerned about? IRS? Child SUpport?

Judgment Creditors?

There are many potential issues which you have to address, and you're looking for a diagnosis without a complete physical.

Answered on 10/30/07, 5:44 pm

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