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Roger, Attorney
Category: Business Law
Satisfied Customers: 31788
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have a bank that claims that they have the right to keep

Customer Question

I have a bank that claims that they have the right to keep my stock shares as collateral. I owe $13594 with a 15% margin. They have over $ 40,000 in stock that they claim I cannot touch. Who do I contact about banking regulations. The bank is Suntrust.Sara Cushing
Submitted: 2 years ago.
Category: Business Law
Expert:  Roger replied 2 years ago.
Hi - my name is ***** ***** I'm a Business litigation attorney. Thanks for you question. I'll be glad to assist.
You should first ask the bank to provide you with the authority or documentation it claims gives it the authority to hold your stock as collateral. It is possible that you have a cross-collateralization agreement or some other security agreement associated with a loan or account you have with the lender. If that exists, you may be bound by that agreement.
If the bank cannot produce any authority - - or if the documentation you receive is not sufficient in your opinion - - you would complain to your state department of banking and finance. They can investigate the matter if there is any inclination or evidence that the bank is acting improperly.