Joint Account - Signatures Required

Ham Slicer

A joint account is opened that requires joint signatures to withdraw the funds. €1K is put in to account

One account holder goes to bank and withdraws €900. Bank obviously should have got joint signatures so has made an error.

What can the bank do legally to recover funds from person who made withdrawal? One account holder is obviously not happy.

Thanks

unclebill98

The bank can ring and ask them to give it back....... not going to happen.

Banks loss, they should refund the account.

Jet Black

Im not sure if they can legally do anything*, what you can do is go to the branch you opened the account and explain the situation, ask the bank to get in contact with the person explaining the error and try and get them to resolve it.

If they cant do anything you will have to make a complaint, start off in the branch if no joy there then to head office, if your not getting anywhere you will have to go to the regulator.


*could be wrong about this as its never happened in the branch I worked

Jet Black

unclebill98 wrote: »

The bank can ring and ask them to give it back....... not going to happen.

Banks loss, they should refund the account.

...... not going to happen either.

If it was under €50 you might get it refund, thats after 6 months of complaining and filling out forms and phone calls.
If the bank refund €900 I would be very very very suprised.

The bank/employee made a mistake, everyone does, try and resolve it.

stepbar

This does my nut.

In this case the bank is at fault and you'd be well in your rights to take this further. If you get no joy with the internal complaints process then talk to Joe (not Joe Duffy!) - http://www.financialombudsman.ie/

The ombudsman may very well direct the bank to refund the money. But they then may direct that the other party returns the money and compensation is offered. It depends what Joe thinks.

If you made the mistake, the bank would be more than happy to wash their hands and not accept responcibility. I don't see how this is any different. The bank is responcible in this case.

unclebill98

Mask wrote: »

...... not going to happen either.

If it was under €50 you might get it refund, thats after 6 months of complaining and filling out forms and phone calls.
If the bank refund €900 I would be very very very suprised.

The bank/employee made a mistake, everyone does, try and resolve it.

Sorry, I meant to say, they WILL refund it.

Its a bank error. The customers set up an account and drew up a mandate that the bank must honor and follow. They did not do this, yes some employee dropped the ball but it will and must be refunded.

Simply go to the bank and say that there was money taken out and I never signed for it. They will check dockets and then CCTV and they may even ask for help in ID'ing the person. It may take a few days for the money to be put back cause the amount will have to be signed off.

Of course this all depends on if the OP is telling the truth.

Ham Slicer

Thanks for that.

I can't go in to specific details for legal reasons.

Brian Capture

why can't you ask the "other party" for the money?

surely they knew it was two people to sign