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Can you legally waive your right to access a shared bank account?

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sethmachine01

Junior Member
What is the name of your state (only U.S. law)? Massachusetts

Suppose person A opens a bank account in their name. They decide to share their account with person B. For whatever reason, it turns out all the money going into the shared account comes from B. A, not being greedy, wishes to insure to B that de facto the account is just B's, while A's name may or may not still be on the account. To rest B's assurances, A has his lawyer right an agreement stating that he will never use the account for any purposes whatsoever. A will continue to be listed as either the primary or co account holder.

Is this legal, and is A's legal agreement binding?

If B is not listed on the account, is this schematic illegal / fraud?

If B is listed on the account with A, is the schematic still illegal? Is there anyway to legally bar a willing co account holder from any access at all to the account? I'm not talking about forcing or tricking A out of his money--I mean A willingly wants to do this with B, and A is not mental / ill / a minor / etc.
 


latigo

Senior Member
What is the name of your state (only U.S. law)? Massachusetts

Suppose person A opens a bank account in their name. They decide to share their account with person B. For whatever reason, it turns out all the money going into the shared account comes from B. A, not being greedy, wishes to insure to B that de facto the account is just B's, while A's name may or may not still be on the account. To rest B's assurances, A has his lawyer right an agreement stating that he will never use the account for any purposes whatsoever. A will continue to be listed as either the primary or co account holder.

Is this legal, and is A's legal agreement binding?

If B is not listed on the account, is this schematic illegal / fraud?

If B is listed on the account with A, is the schematic still illegal? Is there anyway to legally bar a willing co account holder from any access at all to the account? I'm not talking about forcing or tricking A out of his money--I mean A willingly wants to do this with B, and A is not mental / ill / a minor / etc.
With all due respect for you effort, what you ought to do is makes notes of this and all your similar make-believe legal suppositions and pay a lawyer to respond with costly legal opinions.

This isn't a law school and few of the qualified contributors delight in doing someone's homework or respond to fanciful legal propositions.
 

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