Sounds like a bit of a confusing mess . Have you spoken to the other owner? What did they have to say ? I assume your lawyer might have more to add to help understand as well.
Let us know how you make out with this so we all can learn!
I just found out today and I am not going to talk with business partner since I am so angry. I am going to wait until I hear from the bank and lawyer on Monday.
It is a mess. I can only think that she forged my name on a document. The bank said that my name was removed while I was still working there.
I will keep you updated when I know more.
I worked at a large bank for many years. I don't know all the specific intricate legal rules that pertain to removing a person from an account, though I am fairly certain that one person cannot remove another person from an account without the approval of the person being removed. Without getting into unusual circumstances such as power of attorney, and circumstances involving proof of theft, etc. I really don't believe one person can remove others on their own. If there is more info to the story that changes this, then we should know that info. In the absence of this, I don't think the bank can do this. If this were allowed, imagine the ramifications that the bank is fully aware of. Owners of a business get mad at each other and start taking each other off of accounts with a lot of money in them. Husband and wife owners get separated, intend to divorce, then one of them does this. This would create a tremendous mess with many, many accounts. SBLD
I agree with Koln123. I was on my son's bank account for years, started out due to his age. When he got older, I was no longer needed on his account. The bank refused to remove me from his account without both of us in front of the bank employee. We had to show our ID's and everything. He had to approve me being removed from his account since he was the primary account holder & I had to sign a form agreeing with removing me from his account. I'd say there is definitely a need to discuss this with the bank employee who did the removing as well as the bank manager and attorney, yours and possibly the banks. If you were removed without your knowledge, then someone most likely forged your name or something along those lines. I hope things work out for you.
I am 50% owner in a daycare. The daycare could not support both of us and I offered to look for another job. I took a job starting April 19th. Today I went into the bank and ask for a copy of the checking statement. The bank informed me that as of April 16th my name was removed from the joint account. I don't think this is legal. I am owed about $50,000 and had set up the account to pay something automatically each month towards this debt.
I am contacting a lawyer on Monday but I guess I don't get how the bank could do that. The person working there was a teller so she doesn't have access to much information.
Any thoughts? We are an S Corp.