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Is it legal for a bank to take money out of one of your accounts if another separate not joint account is in the negative?
Wiki User
∙ 16y ago
Certainly ... If one has overdrawn knowingling or unknowlingly, and your accounts are at the same institution, the bank has every right to move a certain amount of funds from one to the other in order to protect themselves.
They might be protecting you as well to prevent endless NSF fees from being charged. One would think having money pulled is much better than the over charged NSF fees, which can keep recurring over and over again, which drains money from an account faster than it goes in.
Bottom line - keep track of your finances daily - with todays methods of tracking bank accounts online, there is no rhyme or reason for any account to be overdrawn.
Wiki User
∙ 16y ago
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A balance transfer works by moving the amount owed on one account to another account. There are two accounts, the receiving account and the delivering account.
What does balance transfer mean?
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