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Bank Held My Money and Gave it To someone else

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k10023

Junior Member
What is the name of your state? Florida

I opened a company account in my name/company name. I added my brother to the account as a signer only and to make a long story short. He spent a lot of time in the bank getting to know the managers. He had me removed from the account and the bank did not notify me of this. I am now getting ready to proceed with my case but I am being told by several lawyers that they do not think that the bank will make a settlement/payout because "banks just don't do that". I am trying to find some info on bank settlements in cases similar to mine. The bank stated that this money would be in escrow unitl everything was cleared up. A few days later they had handed over my money to my brother which put me out of business and made my lose my house and credit. I did what they asked me to do and they just gave to money away. I need help!!!
 


cmorris

Member
I've had several bank accounts and none have allowed just a "signer." If someone else could sign the checks, it was a joint account (that's what I suspect this is--but I could be wrong). Being joint, either could close the account; not the bank's fault.

If I am wrong, please correct me.
 

k10023

Junior Member
I know in my case and with most business accounts that I have had, you can have signers on the account to sign checks but that does not make them the owner. In this case they let my brothers wife who had her name on nothing to to with the business or the account take my name off. It was not a joint account, he was simply a signer. Thanks for your response.
 

Veronica1228

Senior Member
You are correct that business accounts do have signers rather than "owners" that are authorized to sign checks. However, most banks have a business sign either a Resolution or a Certificate of Authority. In most cases, these documents give signers the authority to close an account that they are a signer on. If it is your intention to not allow this type of authority, you must either present your own COA or see if your bank allows you to make changes to their docs.

What type of business is this? Do you have formation documents stating that you are in fact the business owner? Articles of Incorporation, Articles of Organization etc depending on if it is a corporation, LLC, partnership etc. If you do have these documents, you may have a legal case.

However, if your business is a sole prop, none of this will apply, and by making your brother a signer on the account you basically handed your money over to him.
 

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