Bank Taking Money Out Of Account

by Kathy
(florida)

I had 2 accounts with a bank. one was closed with an overdrawn amount. bank and i had arrangement few years ago for payments. eventually account was turned over to collection agency. now bank has withdrawn a large amount from good account to cover bad account.

I thought if a bill was turned over to a collection agency or charged off, original debtor could not take money on their own. The bank is just withdrawing any amount they can get. our only income is my husbands social security disability. By the bank withdrawing money, we will lose our house, electric etc.

Reply from DebtCollectionAnswers.com:

Kathy - it is extremely risky to keep money in an account with the same financial institution where you are delinquent on a debt. Many times these institutions have the right to "offset" debts you owe them with money you have in your account. Most attorneys will tell you to not to take this risk, and we certainly agree.

But now that the damage is done, you need to talk with a consumer law attorney asap to find out if what they did was legal, and if there is anything you can do about it.

You can talk with a consumer law attorney with experience in debt collection cases. Learn how to get low cost or FREE legal help with your debt collection problem here.

It may also be necessary for you to talk with a bankruptcy attorney to find out what you may have to do to save your home if their actions were legal.

Click here to post comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2016 by Mary Reed and Gerri Detweiler.
All rights reserved.