Rates Current as of Friday February 10, 2012

« My son has a small savings account that was opened a few years ago. When I recently checked the balance it was close to zero. It appears the bank has been assessing fees on the balance bringing it to almost nothing. Can they do that on his account?

Is a beneficiary on a bank account legally responsible if the account is overdrawn? »

If the account has a standard POD or pay on death beneficiary assignment, the beneficiary has no liability for bounced checks. The designation of the beneficiary isn’t final until the death of the owner. A beneficiary has no ownership interest in the account until the owner dies. Therefore, the beneficiary isn’t responsible for an overdraft in the account.

My son has a small savings account that was opened a few years ago. When I recently checked the balance it was close to zero. It appears the bank has been assessing fees on the balance bringing it to almost nothing. Can they do that on his account?

This entry was posted on Saturday, October 11th, 2008 at 7:55 pm and is filed under FAQs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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