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Old 10-21-2018, 05:01 PM   #1
Dxb Hunk
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Default Can the bank freeze my account ?

I have a credit card with A-D-C-B and my salary is also paid to the same bank. Due to some personal reasons back home i have resigned in my company. But my worry is my HR said they have to notify the bank about my last settlement salary....will the bank hold and freeze my money because of the outstanding credit card balance? As it stands, i haven’t skipped any payment and im not wishing to, i will continue paying them but im jist worried they might freeze everything therefore leaving me in lots of more trouble. Anyone had a similar situation? TIA
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Old 10-21-2018, 05:31 PM   #2
adjusterjack
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Default Re: Can the bank freeze my account ?

As long as you are making your payments, I wouldn't think so.

I suggest you read all of your accountholder agreements and look for the right of "set off."

The right of "set off" would allow the bank to take money out of your checking and savings accounts to pay for your credit card balance if you defaulted on the credit card.
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Old 10-22-2018, 10:33 AM   #3
Lexus
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Default Re: Can the bank freeze my account ?

As you are not a defaulter bank will not hold your salary. Further, bank could not hold your salary for a defaulted credit card without complying some legal formalities.
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Old 10-22-2018, 03:36 PM   #4
Dontyouworry
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Default Re: Can the bank freeze my account ?

Quote:
Originally Posted by Dxb Hunk View Post
I have a credit card with A-D-C-B and my salary is also paid to the same bank. Due to some personal reasons back home i have resigned in my company. But my worry is my HR said they have to notify the bank about my last settlement salary....will the bank hold and freeze my money because of the outstanding credit card balance? As it stands, i haven’t skipped any payment and im not wishing to, i will continue paying them but im jist worried they might freeze everything therefore leaving me in lots of more trouble. Anyone had a similar situation? TIA
The bank has no rights to freeze your account as it is only a credit card which you have from the same bank your salary is being transferred to. If the liability was a Salary Transfer Loan(STL), the bank will hold the funds which is transferred by your employer as End Of Service Benefit (EOSB) or Full and Final Settlement as to avail a STL the individual has to issue the bank with a Salary Transfer Letter in a format which favors the bank where the salary is being transferred to(ADCB). The Salary Transfer letter would have a clause that is the EOSB is transferred by the Employer to the bank will be on hold until a new Salary Transfer Letter is not provided or thee amount on hold will be adjusted towards the loan outstanding. The employer will also have to notify the bank about your termination or resignation which is one more clause on the Letter. All this is not valid for a Credit card Liability and the bank should not hold your EOSB or freeze your account.
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