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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Related Questions
Can a bank you have a charge off with take money direct deposited in your name to another members account?
no
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.
How high off the gound does the money in the bank briefcase?
20 ft. off the ground
How long does a large check take to clear?
It depends on your bank and how long they think they can hold YOUR money before you get upset and close your account and move your money to another bank. Don't forget that Bank of America's CEO Brian Moynihan stated that his bank has a right to earn a profit. They are in business to make money, which they do off of your money. And to provide customers with timely service is somewhat of an afterthought these days. The longer they hold your money, the more they can make.
What is the definition of interest rates?
An interest rate is the amount of money a bank can charge on the loan that they provide you. That is how they make their profit. If they didn't charge an interest rate and just loaned out money, then there's no way they can make money off of the loan.
Can i Take my name off deed but still on be mortgage?
Yes, the deed is the certificate of ownership. The mortgage is the financial loan instrument. You can't take your name off the mortgage because the bank loaned the money based on your credit.
Is there a charge to take off a restraining order?
maybe not
Where can you get some start up money to get your patent off the ground?
A bank!
Can Wells Fargo bank take money from customer's checking or savings account to pay off a repossession from Wells Fargo auto finance division?
apparently, you are a bust out. so if they take the money, you kinda did the right thing. beatoff....
Can they take your home for unpaid credit cards?
No. They don't want your house. They want money, so they would take your paycheck. Some companies just charge it off as being uncollectable.
How do you sell a upside down car?
If you mean you still owe money on the car you don't sell it unless you can take the money and pay off the loan. The bank really owns your car and the pink slip, so if you sell it without the loan getting paid you still owe the money to the bank.
In a bank charge report What does right of set-off mean?
"Right of set-off" refers to the bank's right to debit your deposit account for fees / loans/ or expenses you may owe the bank. Most often, this is used when a person has a loan with the bank that is in default. In order to pay the loan, the bank utilizes it's right of set-off to take the necessary funds from the person's checking account at the same bank and apply those funds to the loan.
What is the difference between charge off and collection?
collection i believe is a company that sets you on a payment plan to make it easier for you to pay. charge off you will never beable to get credit it is paid off but you will never be able to get a loan To my knowledge, charge off means the business charged it off as a loss and collection means they are pursuing the person for the money or paying an agency to pursue the person for the money.
Can you get the title for charge off on your car?
The short answer is no. A charge off means you didn't finish paying off the loan. A charge off occurs when the the owner of the car fails to make the monthly payments. After 121 days of no activity on an auto loan the bank declares the loan a bad debt and the do a charge off to get that bad debt off of their books. They will never stop trying to collect the bad debt or repossess the collateral. The only way to obtain the title is to get a lien satisfaction letter from the lienor, (bank). The only way to get that letter is to satisfy the lien. So if your loan has been charged off you have to call the bank and see if you can get a payoff quote. Payoff the car get the letter and title
What are opinions of Canadian pharmacy?
Yes they really DO rip you off they take your money and call you and say that they will promise you your prescriptions then burn your bank account for whatever you spent.
What does debit and credit mean?
Debit is when they take from your bank. A credit is money paid into your account. But the other meaning of credit is the ability to borrow money. The more money you make and the more you use your credit and pay it off, the more credit you get.
What is the meaning off debited?
Debited means remove an amount of money from bank.
