Full question:
Can a bank allow a withdrawal of over $100,000. on a joint account with out the consent of both signatories?
- Category: Banking laws
- Date:
- State: Florida
Answer:
In a joint bank account, each owner typically has the right to withdraw all funds without needing consent from the other owner. This means that a bank can allow a withdrawal of over $100,000 from a joint account without both signatories' approval, unless the account agreement states otherwise.
According to Florida law (Fla. Stat. § 655.78), unless specified in a contract or agreement, a deposit account held in the names of two or more persons can be paid to any of those persons. This includes the ability to withdraw funds without the other account holder's consent.
It's essential to review the account agreement with your bank to understand the specific terms governing withdrawals. Trust between joint account holders is also crucial before opening such accounts.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.