Closing a bank account

[rfreddy]

What is the name of your state? Minnesota

I am contracting for a company. This company I am contracting for purchased another company last year. The company they purchased had a checking account at a bank in Illinios. They want me to get the checking account closed and have the funds remaining in the bank wired to their bank account. The problem I am having is that the authorirzed signers' on the checking account are not with the purchasing company. The bank has been any help in infroming me what can be done to get the account closed and have the funds transferred other than to say I need to have an authorized signed make the request. What can be done from a legal stand point? Are there any legal forms I could use to get this accomplished?

Any help or advice would be appreciated. Thanks in advance.

[seniorjudge]

Originally Posted by rfreddy

What is the name of your state? Minnesota

I am contracting for a company. This company I am contracting for purchased another company last year. The company they purchased had a checking account at a bank in Illinios. They want me to get the checking account closed and have the funds remaining in the bank wired to their bank account. The problem I am having is that the authorirzed signers' on the checking account are not with the purchasing company. The bank has been any help in infroming me what can be done to get the account closed and have the funds transferred other than to say I need to have an authorized signed make the request. What can be done from a legal stand point? Are there any legal forms I could use to get this accomplished?

Any help or advice would be appreciated. Thanks in advance.

You will either have to get the authorized signers (as the bank correctly told you to do) OR get a court order for the bank to give you the dough.

[Veronica1228]

Originally Posted by rfreddy

What is the name of your state? Minnesota

I am contracting for a company. This company I am contracting for purchased another company last year. The company they purchased had a checking account at a bank in Illinios. They want me to get the checking account closed and have the funds remaining in the bank wired to their bank account. The problem I am having is that the authorirzed signers' on the checking account are not with the purchasing company. The bank has been any help in infroming me what can be done to get the account closed and have the funds transferred other than to say I need to have an authorized signed make the request. What can be done from a legal stand point? Are there any legal forms I could use to get this accomplished?

Any help or advice would be appreciated. Thanks in advance.

When Company A purchased Company B there would have been some legal documentation drawn up and signed by officers of both companies. You may be able to use those docs as well as any revised Articles of Incorporation or other formation documents that you may have.

If this is a Commercial or Mid-Market bank account, make sure that you are working with a Relationship Manager or a Business Banking Officer rather than a branch. Branches are not always familiar with how things are done in the Commercial world. If this is a small business account then you would have to work with the branch.

Good luck. I hope this helps.