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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 33804
Experience:  Retired (mostly)
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HAVE NEVER RECIEVED A ANSWER FOR QUESTION FOR COUSTODIAL A

Resolved Question:

HAVE NEVER RECIEVED A ANSWER FOR QUESTION FOR COUSTODIAL ACCOUNT
Submitted: 3 years ago.
Category: Business Law
Expert:  socrateaser replied 3 years ago.
Hello,

I'm sorry that the other experts who contacted you were unable or unwilling to ajnswer you. Please permit me to assist.

You wrote: have coustodial account for daugther for college bank gave her 4000 dollars with out my consent bank put money back into account and debited her checking account and caused over draft with my name onaccount bank going to close account and report to credt agencys bank made mistake now ihave to pay for mistake is this legal minn resident

A: No, it's not legal. The bank has a duty of ordinary care to its depositors. Moving money from one account to another without the depositor's consent and causing an overdraft or negative credit report entry is below the standard of care owed by the bank to its depositors. Therefore, you could sue for negligence and recover the cost of any overdraft. You can also demand that the bank remove any negative credit reports, and if the bank does not, then you can sue the bank and each credit reporting agency under the Fair Credit Reporting Act (15 U.S.C. §§ 1681n-p) for up to $1,000 in civil damages, plus any actual damages, to force the bank to fix your credit.

Hope this helps.

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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 33804
Experience: Retired (mostly)
socrateaser and 4 other Business Law Specialists are ready to help you

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