Sharing a joint bank account with a family member is a common way to manage finances, provide assistance, and ensure easy access to funds. Putting someone's name on your account has its drawbacks. However, what happens if you suddenly find out that your name has been removed from an account without your knowledge?
Consider John’s Scenario:
Several years ago, John’s father requested that he be added to his checking account. They went to the bank, signed the necessary documents, and soon after, John’s name appeared on checks issued from the account. This arrangement remained in place for years, until recently, when John discovered that his name had been removed and replaced with his younger brother’s name.
Concerned that his brother may be using his father’s funds without consulting him or his other family members, they visited the bank to investigate. The bank provided only one piece of information: John’s name was no longer associated with the account.
Does Pennsylvania law require a joint account holder to be notified or provide consent before being removed from an account?
Under the Pennsylvania Law – specifically the Pennsylvania Multiple-Party Accounts Act – there is no explicit legal requirement that a joint account holder be notified or give consent before their name is removed.
Instead, the process for adding or removing individuals from an account depends on the bank’s internal policies and the account agreement signed by all parties. Most banks require either:
Written authorization from the person being removed.
A new account agreement signed by all parties to effect the change.
If you were removed from an account without your consent, your best course of action is to request copies of the account agreement and any documents related to your removal. This can help determine whether the bank followed its own procedures properly.
What to Do If You Suspect Financial Abuse
If you believe a family member is misusing funds in a parent’s account, consider taking these steps:
1. Review the Bank’s Policies
Request copies of relevant agreements and policies regarding joint account modifications.
2. Discuss with Your Parent
If possible, have an open conversation with your parent to understand their intentions and whether they authorized the change.
3. Monitor Financial Activity
If your parent is willing, consider setting up account alerts or reviewing statements to track any unusual transactions. You should also document your observations and conversations with the potential victim and perpetrator. Be prepared to share as many specifics as possible.
4. Seek Legal Advice
If you suspect financial exploitation, an attorney can help assess your options, including potential claims under Pennsylvania’s financial abuse laws.
While Pennsylvania law does not mandate notice or consent before removing a joint account holder, the bank’s policies may offer some protections. If financial misconduct is suspected, legal counsel can provide guidance on protecting your loved one’s assets. Contact the experienced attorneys at Fiffik Law Group today for a free initial consultation to discuss your situation.