I've heard countless stories about people who've had large sums pulled from their accounts due to debt owed. Do bank allow this? Is there some sort of court proceeding before this happens that you're aware of or is this all done behind your back.
I'm wondering if it's safe to get a checking account and actually put money into it if I owe, or have things in collection.
2007-08-25 02:42:12 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
The bank holding your a/c and also the government can access your money, if you owe them. Anyone else needs a court order.
But if you are alert you will smell it in time to withdraw the money and hide it some where else.
2007-08-25 04:19:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you sign up for a credit card from a bank that you also have a savings or checking account in, you can have a problem. The agreement includes a consent to the bank's "right of offset" which means if you owe them money on the card they can take it from your bank account. You have already agreed so they do not need a court proceeding to take your money.
Solution is to NOT get card and account from same bank if you have a credit problem.
2007-08-25 02:54:51 · answer #2 · answered by Rich Z 7 · 1⤊ 0⤋
Is your money safe? Yes for the most part, however if you have debt and a collector sues you and you end up being in default to that account, your local court system will then present a levy (local sherriff) to your bank. This is in the case that they know where you are banking. This happened to someone I knew and they levied their ENTIRE bank account over a discover card, it was over 3K that they took. It is all legal because the bank has no choice when there is a court order.
2007-08-25 04:19:41 · answer #3 · answered by lovelyrj7 4 · 0⤊ 0⤋
People who pay their debts don't have to worry about collectors seizing bank accounts.
Creditors can take you to court, win a judgment, then garnish your wages, attach your bank accounts and lien you property. Banks have no choice. They are presented a court order.
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2016-10-16 22:56:07 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I KNOW THAT THE COURT CAN DO IT BUT GOING OUTSIDE OF THE CURT SYSTEM AND DOING IT ON YOUR OWN...NO CAUSE THAT WOLD BE THEFT. I DO NOT OWE ANYTHING BUT I DO NOT TRUST CHECKS SO I PAY EVERYTHING WITH MONEY ORDERS THAT WAY IF SOMETHING WAS TO HAPPEN THEN THEY WOULDN'T HAVE A ACCOUNT NUMBER OR ROUTING NUMBER.
2007-08-25 03:07:40 · answer #6 · answered by 0o_fEmMeLiCoUs_o0 2 · 1⤊ 0⤋
its safe. those who have their money pulled is because they owe someone money so government comes in and pull the money when these people go bankrupt.
2007-08-25 02:53:39 · answer #7 · answered by Anonymous · 0⤊ 2⤋