I have an issue here.... I have a business account with an old best friend. He took the account into overdraft of 1000 dollars and will not pay the account back. I took his card away from him one night when he didnt notice so he wouldnt use it agian. How am I going to make the guy pay the overdraft balance as no matter what he refuses to pay it Any ideas please.. the bank wont allow me to get out of the account
Talk to him and explain your problem ? Explain to him this worries you - ask if he will go with you to the bank to agree that you get out of the account (or go there both and close it and transfer everything to his own account). If he says he won't help you and expects you to pay back for what he took, well you know it's not a good friend anymore.. then try to see if there are other legal ways (I assume you are running together some kind of business ?) to get him out or to have the business pay for his part..
Sorry to hear about your problem. However when it comes to the bank, any of the signatories would be responsible for any overdraft. I would think your best option now you could do before the bank brings bankruptcy proceeding against you is to pay up the $1000. This way you will get away from any fees, penalties and lawsuits. Once you clear that problem, you can proceed to suing your friend for the $1000 either at the small claims court or something to that nature.