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Ely
Ely, Counselor at Law
Category: Consumer Protection Law
Satisfied Customers: 100585
Experience:  Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
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I would like to know if i can sue my (previous) financial

Customer Question

I would like to know if i can sue my (previous) financial institution for closing my account and holding $3000 of mine? The account was closed over 6 months ago and they still have not released my funds and they claim that they will not.
Details:
My wife and i held a cash management account with this financial institution (Fidelity) for 3 years. We used the account primarily once a year to receive our income tax. Every other year, we received our funds with no problem however, this year, about a week after receiving our income tax, both of our accounts were closed. The funds were and are always deposited into my wife's account because she is the primary name on our JOINT tax return. She would them transfer part of the funds into my account. When both accounts were closed, they requested info from both me and my wife which was not a problem. We both went into the branch and provided our id's, ssn, and a copy of our joint tax return. Once this info was received, they immediately released my wife's account and provided here with funds. My account however was not released. I was given the run around every time i called. I then requested if the funds can just be returned to where they came from (turbo tax). The Bank tells me every time i call that the funds will not be released or sent back and that I will have to have the IRS recall the funds. I called turbo tax and the IRS and was told that they cannot recall funds unless they were deposited into the wrong account which was not the case. I even got the IRS to call my bank on a 3 way call and explain this to them however that still was not good enough. Finally, the bank put a block on my calls. Whenever i call, there is a note in the system for the customer service rep to tell me not to call again and they will in no way release my funds. It has been almost 7 months and they still have $3000 of mine. It is clear where the funds came from and we have provided copies of our income tax return that shows the exact amount deposited. At this point i am lost and need help recovering my funds.
Submitted: 4 months ago.
Category: Consumer Protection Law
Expert:  Ely replied 4 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation. To sue in a state court, one needs to have a "cause of action." There are numerous causes of action, such as "breach of contract," "negligence," "fraud," "unjust enrichment," etc., as well as causes of action rooted in statutory law. Every state has their own although they are very similar to each other in every state because they all stem from the same common law. A pleading in Court needs at least one cause of action, although it is not unusual to have more than one.

If someone is holding money that belongs to you (such as the bank), then this may be a cause of action for money had and received. "An action for money had and received may, in general, be maintained whenever one has money in his hands belonging to another, which in equity and good conscience, he ought to pay over to that other." Love v. Brown Development Co. of Michigan, 100 Fla. 1373, 131 So. 144, 147 (1930). Moore Handley, Inc. v. Major Realty Corp., 340 So. 2d 1238 - Fla: Dist. Court of Appeals, 4th Dist. 1976.

So yes, someone in your situation may indeed have a case here.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

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