Credit and Debit Cards

Can a bank take your money for charge off?

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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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