Can A Bank Take Money From A New Accoun

by rob
(california)

Can a bank take money from my new account I opened with them to pay off an old account I had with them 6 years ago?

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Feb 16, 2011
 Offsetting old debt
by: DebtCollectionAnswers.com

Sometimes financial institutions are permitted to offset debts you hold with them by taking money from other accounts you may have with them. However, the general statute of limitations for most consumer debts in California is four years, so we're not sure whether the bank would be permitted to go after your current funds for a debt that six years old.

Since you are in California, you may want to consider contacting attorney Robert Brennan's office. He is the co-author of the California edition of our ebook Debt Collection Answers and has extensive experience with consumer credit laws in California. His website is SoCalCreditDamage.com.

Hope this helps!

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