I went to get money out of my account, they told me I didn't have any because they used all my money from my paycheck to cover the rest of my loan because they knew I was getting laid off. It's in Wisconsin. Does anyone know any regulations or laws on this?? Help!
2007-11-02 10:02:30 · 4 answers · asked by Amanda 2 in Business & Finance ➔ Personal Finance
Generally, banks will not do as you claim without your prior signing an agreement that they can do so. If you read your loan documents (in that tiny FINE print), you will discover that you authorized them to do this in such an event.
2007-11-02 10:09:06 · answer #1 · answered by acermill 7 · 1⤊ 0⤋
They can NOT assume that you will not be able to make future payments unless you were already behind. I have a loan at my bank and I got a lower interest rate by agreeing that they could take money directly from my account. But the fine print says that can take money from my account if I was late even if I didn't want the lower rate.
2007-11-02 23:29:21 · answer #2 · answered by Angela C 2 · 0⤊ 0⤋
well it sucks but think of it as you won't have to default
on it and ruin your credit on that loan !!!!! one less MAJOR
credit to worry about
www.creditinfocenter.com
buddhibbs.com
but if you have other stuff to pay, go and talk to them
are you getting any other money from old employer?
Go to the Bank and tell them where in your contract
papers does it say that they can do that and that
you won't be getting any money in until your employment
check comes in (whch you can set up for automatic deposit)
and could they just take half now otherwise they jeopardized
the roof over your head.
2007-11-02 18:09:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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Also, you should look more into Credit Unions. They tend to be better than banks with certain things.
2007-11-02 20:17:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋