I would like to know what your policies are regarding charged-off members who are a joint members (non tax owner) on another account. For example, John Public's checking is charged off due to unpaid overdrafts, and his share is taken to $0 (no par value). However, he is a joint owner on his son's checking account (he is a minor). While we have the right to offset, we currently do not enforce it if the funds come in the other parties name. However, we are not removing John Public from the other accounts, which enables him to continue to use our services (i.e, cashing checks) even though he has caused us a loss. My argument is that since he has caused us a loss, and has not brought his share account back to par value, he has voluntarily terminated his membership and should be removed from all accounts he is on, regardless of ownership. Any responses would be appreciated.
March 29, 2012 - 4:08pm
#1
