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Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 22701
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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I have an account with Discover Bank, it is governed by Delaware

Resolved Question:

I have an account with Discover Bank, it is governed by Delaware Banking Laws they inform me. I am questioning their policy of not accepting deposits from a person other than the account holder, in this case my daughter. My purpose in starting this account was for her to set up a regular monthly payment to this account through her Wells Fargo Bank on line bill pay, addressing the payment to my account number and include my name as payee. Is this against the Delaware Banking Laws??
Submitted: 3 years ago.
Category: Business Law
Expert:  Law Pro replied 3 years ago.
What do you want your daughter to do?
Customer: replied 3 years ago.
I want my daughter to be able to set up an automatic monthly payment throught her Wells Fargo Bill Pay to be deposited in my Discover Bank account in MY name.
Expert:  Law Pro replied 3 years ago.
That is correct - they cannot allow an "automatic" monthly payment - that would be in violation of the UCC Article 9 covering banks.

However, she can send them a check (for deposit only) with a deposit slip to be deposited to your account.

That would be acceptable.





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Customer: replied 3 years ago.
If they do not furnish deposit slips [tickets] does that change your answer?
Expert:  Law Pro replied 3 years ago.
How do you make deposits to the account?
Customer: replied 3 years ago.
The purpose of the account is for MY DAUGHTER to make deposits [like a mother daughter loan agreement] not for me to make ANY DEPOSITS. The original money placed in this account was from another bank [W F] paying lower interest on thier savings accounts that she was making deposits to [Wells Fargo appears to have no problems similar to this]
Expert:  Law Pro replied 3 years ago.
The account is in your name though - correct?
Customer: replied 3 years ago.
Yes only in my name, with my daughters as my benificiaries, one of which is this one who presently is trying to find a convient way to repay me for a loan!!!

You might find all of this information in prior messages
Expert:  Law Pro replied 3 years ago.
How about a Pay Pal account? Have you looked into that?
Customer: replied 3 years ago.
Why would I need another layer of accounts?? Does Discover Bank deal exclusively with this entity??
Expert:  Law Pro replied 3 years ago.
Pay Pal isn't another layer of accounts - but an easy way to transfer money between persons or businesses.

You have an account with PayPal and she gets an account with PayPal.

The PayPal accounts would be set up with your bank account. When she makes a payment to you through PayPal then all you would have to do is transfer it electronically to any bank account you so choose (that you have previously set up with PayPal).

It's very simple and very cheap too.

PayPal is one of the largest money transferring companies in the world at this time and growing by leaps and bounds annually.

I use it routinely. EBay uses it. Everyone uses it.







Please click on the ACCEPT button for my answer so that I receive credit for assisting you (even if you placed a deposit or have a subscription program). You may continue to ask follow-up questions after accepting. If the information is helpful, I would very much appreciate positive feedback. Bonuses are also appreciated. If you do have a follow-up question, press REPLY, NOT relist, or else I won’t receive the question.
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 22701
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
Law Pro and 6 other Business Law Specialists are ready to help you

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