Bill
Houston,#2UPDATE EX-employee responds
Sun, July 29, 2007
It sounds like you went through a major headache! My only suggestion is do not let any of your accounts to become overdrawn or do not become a signer on an account if the people managing it doesn't know how to balance a check register? Your whole problem started per your comment that you were on an account that was overdrawn? Why? Don't spend money you don't have its pretty simple. And what they were trying to do to you was wrong. Your business is an LLC and they can't touch that money but had you been a sole proprietership or a DBA type business structure the bank could have taken your money. It is called RIGHT OF OFFSET and every bank practices this B of A Wachovia, Wells Fargo all of them. What happens is your on an account that is overdrawn and unfortunately the other signers don't have other accounts or they don't have any money in them if they do. So the bank takes money out of your account to cover the account in the red. Being overdrawn means you have used the banks money and they want it back? Imagine if thousands of customers let their account overdraw and the bank did nothing? Most customers fix their accounts right away but alot of customers don't and the causes the bank to lose money. In your LLC business if someone owes you money what do you do? Collection agency, law suit, what will you do to recover money owed to you. The banks do right of offset to cover those accounts.