money transaction in a closed bank account

Querist : Anonymous (Querist) 30 October 2010 This query is : Resolved
Respected lawyers,
reference my post on 28/10.my query is
simple-I think I couldnot present it it
right way.my salary account is closed by the
bank itself.now my query is--money/any transaction in the closed account is an offence by the bank or not?as an example
my friend has sent some money by cheque to
my account.He has put in drop box,now it
should be returned to him stating the account
is closed.if not done so by the bank what
legal action can be initiated?please advice.

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Parthasarathi Loganathan (Expert) 30 October 2010
1. Bank has every right to close the account and dispose the proceeds and future transactions can be routed through Sundry Creditors account.

2. You are legally entitled to ask the bank about the fate of the cheque deposited by your friend based on the counterfoil even if it is put in Drop Box.

s.subramanian (Expert) 30 October 2010
Yes. I agree.

Devajyoti Barman (Expert) 30 October 2010
What is the reason behind the closure of the account. You the Bank does not have any valid reason to close the account all of a sudden then you have several option to take recourse.

Parthasarathi Loganathan (Expert) 31 October 2010
Without valid reasons banks generally resort to such steps only within the framework of guidelines prescribed by the Regulatory authorities. Till now, the author has not apprised the reasons. This can be easily checked from the bank concerned.

Kirti Kar Tripathi (Expert) 31 October 2010
I agree

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