QUESTION
If my bank decides to close my business checking account that has money in it, how long do they have before they must give me my money?
Asked on Sep 14th, 2012 on Business Law - Maryland
More details to this question:
I have a totally different company that owes the same bank 9k through an unrelated loan. There is an existing promissory note for that loan. Now the bank decides to close my other business account that has 11k in it. They said that they will give me my money as soon as it goes through their legal department but will not give me an exact turn-around time on how long that will take. Legally, how long can they hold the money before they release it to me? Also, do they has the right to deduct the 9k that my other business owes them?
1 ANSWER
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As a general matter, a bank may only charge your checking account for the amounts that are properly payable from it. The balance is yours and you are permitted to withdraw it on demand. In circumstances like this, a court would probably allow the bank a reasonable amount of time to determine the exact balance due them before setting it off against your deposit balance. That might be a few days or a few weeks.
Answered on Sep 16th, 2012 at 11:04 PM