Answer:
No, neither federal law or the UCC would prohibit such a transfer. I admit to being stumped as to why the bank would have such a policy. It's not that I disagree with it, I just can't figure it out from the bank's point of view. It seems designed solely to impose good business practices on the customer.
This may be one of those bank policies that was instituted in response to a specific situation, but none of those involved at the time are still with you.
If there is someone out there who can add some insight, please post it in Threads under the same heading as above.
First published on BankersOnline.com 7/1/02
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