PeterP wrote:
And so I have some questions.
If and/or when this happens, would my wife, being the account owner, be in any part responsible for the loss?
Is there anything she can do, short of closing the account, to absolve herself in advance of any responsibility should this happen? (Send some kind of legal letter to the bank for example)
If closing it is the only option to wash her hands of this account, should this be considered considering her ex's violent temperment? I guess this is simply a matter of weighing the relative risks of each scenario.
In any case, thanks in advance for your input.
Yes. No. Can't answer that for you and your situation.
Your wife is still an owner of this account and responsible for anything that goes through it. That's why the bank will not let her take her name off the account and insists she close the account instead. I have never heard of legal letter to get a person out of being responsible for activity in an account they are a co-owner of, I've been in banking for 15 years.
Giving his condition, temperament, and probably unpredictability, I would have her close the account and would have done it years ago. Maybe she could help him set up a new account, getting any automatic drafts or payments switch for him and be done with him. Good luck. I hope your able to work this out soon.