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Anne
Anne, Lawyer
Category: Legal
Satisfied Customers: 2302
Experience:  Trial Lawyer, 15 Years Experience
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I am the part owner of an LLC - it is a construction company.

Resolved Question:

I am the part owner of an LLC - it is a construction company. Times have been really hard and we have fallen behind with some load payments to our bank. We have been making payments, and are slowly digging out, but are still behind two payments. Because of this I have gotten a full time job in a different industry. I make just enough for daycare, food and housing. Today the bank took money from my personal account which is in not linked to the business accounts (although they are with the same bank) and placed the money in a business account which is overdrawn. I now cannot pay for daycare this month. Can they legally do this? This is Chase.
Submitted: 3 years ago.
Category: Legal
Expert:  Anne replied 3 years ago.

No, the bank cannot unless you used your personal account to guarantee the business account!

 

 

Expert:  Anne replied 3 years ago.
Hi, I'm sorry, I had a computer glitch - anything else I can help you with?
Customer: replied 3 years ago.

I am in the process of moving my personal money to a different bank, but because I have direct deposit it may take a month or two. What do I say/do to stop this behavior and get my money back? Is there a law I can quote or a goverment agency that I can call to report it? I never used my personal account in any way to guarantee the business account.

Expert:  Anne replied 3 years ago.

Hello Again -

 

You should talk to branch manager first, and ask him or her to fix the situation. Immediately, of course.

 

If that doesn't work, you can file a Complaint with the Office of the Comptroller of the Currency, which is here: http://www.helpwithmybank.gov/. The reason you are filing a complaint with the federal government is that Chase is a national bank.

 

The State of Washington has a Department of Financial Institutions, which is here: http://www.dfi.wa.gov/banks/complaint.htm. They may not be able to help you because Chase is a national bank, but your situation is urgent and it doesn't hurt to ask.

 

I was not able to find a particular statute that says that the bank cannot do this, the bank's internal operating manual will have regulations that are approved by the feds that prohibit taking money from a personal account to cover an overdraft of a separate entity - which is what an LLC is.

Anne, Lawyer
Category: Legal
Satisfied Customers: 2302
Experience: Trial Lawyer, 15 Years Experience
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