Credit and Debit Cards
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Can a bank take your money for charge off?
Wiki User
2005-04-12 02:57:20
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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In a bank charge report What does right of set-off mean?
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What is the difference between charge off and collection?
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