Ask a Lawyer and Get Answers to Your Legal Questions
No, the bank cannot unless you used your personal account to guarantee the business account!
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.
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.