Legal Junkies Forums

#1 Community for Legal Questions and Answers

 
Go Back   Legal Junkies Forums > BUSINESS and FINANCE LAW > Other Business and Finance Law Issues

Register FAQ Tags Members List Social Groups Search Today's Posts Mark Forums Read Layout

Notices


Reply

 

Thread Tools Search this Thread Rate Thread Display Modes
Old 02-21-2010, 03:16 PM   #1
Unregistered
Guest
 
Posts: n/a
Default Can US banks legally do this? (bank charged off my checking account)

Last month US Bank charged off my checking account because it was over a thousand dollars in the hole. All charges were because the bank continued to allow crediters to take money out when the account was already negative, then make the companies pay back the money.

After the account was charged off I talked with the head of the bank and discussed payment to pay off the fees. I told him that I would call when I had the money to make payments from my savings account. I told him I would call and authorize each payment.

Went and checked my savings account this morning and found that they have debited 350.72 from my account, which was the balance, to offset the charged off account. They did this without my knowledge or permission. The savings account is not tied to the checking account.

Is this legal?
  Reply With Quote


Did you find this post helpful? Yes | No
Old 02-22-2010, 09:53 AM   #2
AFFA
Top Level Member
 
AFFA's Avatar
 
Join Date: Dec 2009
Posts: 23,026
Default Re: Can US banks legally do this? (bank charged off my checking account)

I wish to inform you that the bank is not supposed to withdraw money from your savings account without your permission. However, while opening your checking account in the checking account application is an item called Overdraft Protection. In this you permit the bank to pay checking overdrafts by advances from other accounts which could include a savings account held with the bank. If at the time of account opening you have given this written permission than the bank can withdraw the money from the savings account otherwise not. Bank can exercise lien over your saving accounts but normally withdraws funds to set off after informing you.

AFF
AFFA is offline   Reply With Quote


Did you find this post helpful? Yes | No
Old 12-30-2010, 11:07 PM   #3
Unregistered
Guest
 
Posts: n/a
Lightbulb Re: Can US banks legally do this? (bank charged off my checking account)

Well, no. It's not ODP.
When you go.. I believe it is 90 days deliquent...
Banks have the right to take funds from any other account you have.
I've seen it happen many times.
If you owe the money then they will find a way to cut their losses.
  Reply With Quote


Did you find this post helpful? Yes | No
Reply

Bookmarks

Tags
None

This thread has 2 replies and has been viewed 6173 times


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:


Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads

Thread Thread Starter Forum Replies Last Post
IL, Bank trying to drop checking account McGyver2822 Credit Cards, Banking, Securities 15 07-24-2016 12:53 AM
Can they legally freeze your bank account - both checking and savings Unregistered Debt Collection 6 02-18-2011 02:55 AM
Banks Fault: A joint checking account at the same bank with my husband backert2002 Other Business and Finance Law Issues 1 05-13-2009 10:07 AM
checking account froze? please help me to get my checking account unfrozen parkeraccountfroze1 Credit Cards, Banking, Securities 0 09-07-2008 08:34 PM
money taken from bank account / joint bank account with my husband Unregistered Debt Collection 4 01-11-2007 07:04 AM




All times are GMT -4. The time now is 01:23 PM.


Use of the Forums is subject to our Disclaimer. Copyright 2009-2018 by LegalJunkies.com