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Yes. If the loan is at a bank where the party holds accounts. This is referred to as a "set off'. Most bank loans will have a set off provision included in the loan contract. It allows the bank to seize the person's bank account(s) for monies owed, w/o a court order or other legal procedure.

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โˆ™ 2005-04-12 02:57:20
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Q: Can a bank take your money for charge off?
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Can a bank you have a charge off with take money direct deposited in your name to another members account?


Can a bank take money from another account to pay a charge off?

A bank can take money from another account in their bank to pay a charge off. They have to reveal this in paperwork with small print that you more than likely signed without knowing it. Check your bank's policy but bank's are tightly regulated and follow the law very closely.

What is a charge off bank?

I've never heard of a "charge off bank" but I do know that a charge off account at a bank is where they bank has listed a loan as "uncollectable" and is probably reporting it to the credit bureau as a charge off or "bad debt". Hope this helps

Can the bank that has a charge off on you hold a pay check you are trying to cash?

ABSOLUTLEY, they not only can hold the check, the bank can keep the money.

Does a bank account charge off go on your credit report?

Yes, any charge off goes on.

Will you be able to take your money off your e1 debit card the same day its deposited?

You will be able to take your money off your E1 debit card the same day it's deposited as long as the money has gone through your bank.

Can bank of America take money out of my current checking account to pay off a charged off account with them?

It depends if you have the minimum in your account. If you have less then that and are always overdrawn, then I doubt they would take away money.

Can you open an account with a bank if you have had a charge off with a past account?

Typically no, once your account gets to the point of charged off, it has been overdrawn for roughly 45 days (give or take). Your name and SSN then get reported to ChexSystems which then notifies every bank of your charged off account. Not many banks want to risk losing their money to you if you've already lost money for another bank. Your best chance to get an account is to go back to the bank your account was charged off, explain what happened, and hope for the best. And next time balance your checkbook... daily.

When must a bank charge off a credit card?

When you have filed Bankruptcy.

Can banks attach savings when in house foreclosure?

If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure. You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.

Where did the banks get their money in the first place?

Money is just paper, it is printed off in factories or a bank machine, then distributed through the bank

How high off the gound does the money in the bank briefcase?

20 ft. off the ground

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