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  1. #1

    Default Responsibility For Overdrawn Joint Checking Account

    I live in Illinois and had a Joint checking account over 7 years ago. I removed myself from the account and requested it be closed. Apparently the co-owner continued to use the account for several years and left it overdrawn.

    Now Some 7 years later I went to open an account with the same bank and they took the money that I opened the account with and immediately closed all access to it. They are claiming an additional $425.00 is owed on the delinquent old account.

    Am I responsible for this money? Is there a Statute of limitations for their collection of these funds? Being that it was a joint account should I be able to pay 1/2 and clear my name even though the overdrafts were not mine?

  2. #2
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    Default Re: Responsibility For Overdrawn Joint Checking Account

    You requested that the other account holder close the account, and never followed up? This is not a unique story.

    The statute of limitations is a bar to collection through the courts. This sounds like a collection as a matter of contract, probably both through the original account and through your new account, with a clause permitting the back to deduct any overdrafts or fees owed from current balances. (Check the contract.)

    Also, even if the statute of limitations were relevant, it would likely be the ten year Illinois statute governing written contracts.

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