Can A Bank Offset My Account For An Old Debt


(Lakewood, CA)

I defaulted on a loan with bank of america 10 years ago. If I open a checking account with them now could they take money out of my account to pay off the old debt?

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Feb 02, 2016
old debt offset
by: DebtCollectionAnswers.com

Banks often have the right to "offset" funds you have on deposit with them to pay defaulted debts. Whether or not they can do that in your specific situation is impossible for us to say, but why take the chance? There are lots of other banks and credit unions where you can place your funds and avoid the problem all together.

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