2006-06-25 10:51:45 · 20 answers · asked by sander 1 in Business & Finance ➔ Personal Finance
yes
2006-06-25 10:54:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, it is called "right of offset." Banks only use this in certain cases. It will be outlined in the disclosures that you received when you opened your account. So actually, they do not need your permission. Additionally, if you signed any security agreement on any loan or credit card agreement at the bank, it allows them to debit your account to satify those loan accounts too.
2006-06-26 00:15:07 · answer #2 · answered by atmjay 3 · 0⤊ 0⤋
The money that you deposit in the banks is used for their purposes. Although, no money was physically taken from your account, they use the money, in turn, for loans, mortgages and so on.
For example, you get 1% interest on your account as the banks charge 5% for a loan. The bank makes a 4% spread on your money. That's how banks make their money.
2006-06-25 19:30:21 · answer #3 · answered by dave s 3 · 0⤊ 0⤋
It depends. I work at a bank, and to be honest, banks charge fees for everything. Overdraft fees are the worst and most frequent. As far as I know, that's one of the only reasons banks would take money out of your account. Just be careful that you're NOT the victim of identity theft. Those suck.
2006-06-25 17:58:35 · answer #4 · answered by BAMF. ♥ 2 · 0⤊ 0⤋
Not unless you wrote a check, used a credit card/debit card, had a automatic withdrawal or bank fees. If they are taking it out and not informing you of the withdrawal, then yes it is wrong. Call the bank and make an appointment to speak with bank attendant to discuss the issue.
2006-06-25 17:57:44 · answer #5 · answered by brittme 5 · 0⤊ 0⤋
Yes.
In the case of errors, where your account was credited by mistake.
In the case of being behind on your payments, like your credit card with them, or your loan with them. The terms and conditions you signed when opening the account allow them to do this.
BUT, if the Bank Manager just wants to take money from your account to treat himself to lunch, then no, you would have cause for complaint!
2006-06-28 02:20:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
no as far as i no they are not meant to unless you give them permission to do so but my bank always does that as well after every 4 month its takes a charge out of my account for their services or something like that
2006-06-25 19:12:20 · answer #7 · answered by misty 4 · 0⤊ 0⤋
No -- but that doesn't mean they can't take money out of your account. When you signed up for it, you gave them permission to take money out of your account for certain reasons.
Read the fine print.
2006-06-25 18:25:23 · answer #8 · answered by Ranto 7 · 0⤊ 0⤋
"Without Permission" is an interesting statement. Did you read you account agreement before you signed it and opened the account?
2006-06-28 17:23:40 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, money can be taken out of your account w/o your permission; it has happened to several ppl that I know.
2006-06-25 17:56:55 · answer #10 · answered by RainCloud 6 · 0⤊ 0⤋
If it's for a bank charge then yes! Usually they do write to notify you, or it will be printed at the bottom of your next full statement, however they usually take the money first!
2006-06-25 18:27:15 · answer #11 · answered by j70see 1 · 0⤊ 0⤋