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What is it called when creditor can take your money out of your bank?


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Wiki User
2007-06-29 23:21:39
2007-06-29 23:21:39

Generally:

Attachment for bank accounts and intangible assets.
Seize property and tangible assets.
Garnishment applies to wages. Judgment levy of a bank account.

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Yes. A creditor can not just simply walk into a bank and demand your money. Only a court can have a creditor take money from your bank account. Actually, the court would probably order the bank to pay a certain amount to the creditor from your account rather than give the creditor the right to take money out of your account. A supreme court decision stopped that racket in Arizona.

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Not without a judge or magistrate ruling in their favour.

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Withdrawing money is to take the money out. Say, you are at a bank. You may want to take out money from your bank savings to spend. That is called a withdraw.

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Yes, if the creditor puts a lien on your bank account or freezes your funds this money can be effected because it is considered an asset once it is in your account.

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Not unless the creditor has a judgment order and executes it as a bank levy.


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