Joint account

PETAL Y YOUNG (Querist) 01 March 2013 This query is : Resolved
My friends mother has a joint account with her daughter-in-law in a nationalised bank at the time of opening the account instructions were given to the bank that none of them cud withdraw any money from the account without the others signature .
The problem that has occurred now is that a sum of money was deposited in the account & now the mother-in-law is asking for her 50 per cent share of the balance amount & the daughter-in-law is not willing to sign the cheque she is in possession of the pass & cheque books
(it is stated on stamp paper that they would share the money once deposited in the account.***MY QUESTION IS HOW DOES THE MOTHER-IN-LAW MAKE HER CLAIM ON THE MONEY IF THE DAUGHTER-IN-LAW IS REFUSING TO PART WITH THE MONEY IN THE ACCOUNT ***PLEASE ADVISE what should the mother-in- law do in this situation .

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Khaleel Ahmed Mohammed (Expert) 01 March 2013
It is advised to file a civil suit against daughter in law and the banker by the mother inlaw

Shashikant V. Patil (Expert) 01 March 2013
Unless withdrawl slip and cheque or not signed by both, money can not be issued by bank, this issue has to be solve amicably since it is a joint account and having equal share of both. For receiving their own money if they have to spend on court and lawyer will not be proper and just. Both have to keep in mind that, they have executed a stamp paper for receiving their own respective share of money also. Daughter-in-Law will have to face problem when she need money.

Khaleel Ahmed Mohammed (Expert) 01 March 2013
Had she think like this, the query would not have posted at this site.

Shashikant V. Patil (Expert) 01 March 2013
Dear expert, if this could have happened in your home, you could have advised same.

prabhakar singh (Expert) 01 March 2013
The problem is not that a/c is joint.

The problem is that it's operation is also joint.Hence bank can not allow withdrawals if only one a/c holder signs.

The case could have been different had it's operation been directed to bank as either or survivor.

I do not see any mistake in Mr.Khaleel's advise.

In this kind of a situation joint closer of a/c and equal division of it between two co-owners is a must.

It can be done amicably,but if daughter in law is not agreeing then except a law suit there is no remedy.

Raj Kumar Makkad (Expert) 01 March 2013
Banker is bound by its own rules and one cannot be given benefit of his failure to convince the joint account-holder to settle the score.

Guest (Expert) 01 March 2013
Even daughter-in-law would also not be able to withdraw any amount without signature of mother-in-law, if the account is not of the type of "either or survivor".

ajay sethi (Expert) 01 March 2013
well advised by experts .close the account and split mioney lying in the account equally . no sense in wasting money in litigation

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