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When can a bank seize funds from a checking or savings account for money owed on the bank's credit card in Texas and do they have to first give notice of their intent to do so?
Wiki User
∙ 17y ago
The majority of banks who issue credit cards and loans to consumer's who also have accounts at the institution include a "set off" clause in the terms of the lending agreement. Such a stipulation allows the bank to withdraw whatever amount is owed from the debtor's account(s) without notice or court procedures when the lending agreement is defaulted. A defaulted account is defined in the terms of the lending agreement, generally it is missed or late payments, NSF checks rendered for payment, and so forth. Such lending agreements will often contain accelerated payment clauses meaning the entire balance can become due upon default and the bank can withdraw all funds necessary from the debtor's account to cover the monies owed. In most instances a set off action could apply to joint marital accounts as Texas is a community property state.
Wiki User
∙ 17y ago
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Can you pay one credit card with another?
Yes, yes and YES! Credit card companies love when customer "balance transfer" debt from another card into theirs. In fact, if you contact your bank and advise them of your intent - you may be entitled to some incentives such as a delay in interest charges or airline miles etc. It is reccommended that if you clear the balance on one card by this transfer process not to close your now empty account. It will negatively affect your credit score. Wait until the balance on the new card is virtually paid off.
Does it hurt your credit score if you open 1 or 2 credit cards with a 12 month deferral of payments and interest with the intent of paying these off from a mortgage refinance within that 12 months?
The deferral option itself will not have a significant effect. The debt to credit ratio that might be incurred during the time period, will definitely change a credit score. Therefore, deferred accounts can have a negative impact on the CR.
Can you be arrested for overdrawing your account?
Writing bad checks is a form of fraud and you can be arrested for it. However if you did not do it intentionally then the bank will just charge a fee. It is true that issuing insufficient funds checks is a form of fraud; in the state of Michigan it is referred to as Uttering and Publishing, and is a felony. While intent is a major factor, it will not protect you from prosecution. The number of checks issued will be considered along with intent. Intent may factor into the prosecutor's decision to pursue misdemeanor or felony charges however.
Is the 700 billion bailout supposed to be bailing America out of financial trouble?
Yes and no. Completely out of "financial trouble"- well probably not. The intent is to restore the credit markets through mortgage backed security purchases. Obviously, the approach is controversial. See Wikipedia for Bailout deal with many links.
When applying for business loan do you need a large amount of savings?
Depends on the Loan, Investors, and the type of loanIn some cases all you need is a Good FICA of over 720 and a goodLOI (Letter of Intent) - Plus a C-Corp!You can get loans for 1 Million to 100 Million through investors / FICAat only 1% over prime!Wayne
Is it illegal to authorize money to be taken out of your account and then close account there after?
It is not illegal to authorize money to be taken out of your account and then close the account. However, if the money has been withdrawn and there are outstanding charges or payments, it is your responsibility to settle them even if the account has been closed. It is advisable to communicate with the recipient of the funds to resolve any outstanding issues.
Is it breaking the law to write a check on a closed checking account?
If the writing of the checks was done KNOWING that the account was closed, then the intent to defraud has been established. There are number of charges which might apply, depending on the circumstances (e.g.- fraud - larceny - uttering). It could depend on the total amount of the fraud, but it could be a felony offense.
Can my boyfriend have me arrested for using his checking account without his authorization to pay a credit card if I already paid him back all the money and this happened 5 months ago?
No, he cannot. Although you probably should not have used his account without his prior approval, you have removed one element of a possible criminal offense by paying him back thereby demonstrating that you had NO CRIMINAL INTENT. He cannot now use that to hang over your head. [I hope that you kept the proof that you repaid the money!]
Can the primary account holder remove his name from an account leaving only the secondary account holder?
Not enough information. What kind of account? What are the institutions, or the lenders rules regarding this? Was it done with criminal intent?
Letter to Cancel a Credit Card because of Poor Terms?
Get StartedCredit card companies periodically change the terms of your account. The changes generally take place automatically unless you do something to stop them. The "Letter to Cancel a Credit Card because of Poor Terms" allows you to notify your credit card company that you are unsatisfied with the new terms and directs the company to cancel your account. Some credit card companies will negotiate the terms. This is most likely to occur over an annual fee charge. Many credit card companies will waive the fee rather than lose your account. You may also want to cancel your account or attempt to negotiate over other changes in the terms of your account, such as an increase in the interest rate or a change in your credit limit.Be sure to check your credit card agreement for the credit card company's rights after you close the account. By law, the company can not charge an annual fee if you notify them of your intent to close your account within the time specified in the notice. If you attempt to use the card after the cancellation date, however, most credit card companies provide that such use constitutes acceptance of the new terms. If you intend to cancel the card, be sure not to later attempt to use it. If you have an outstanding balance at the time that you cancel the credit card, the credit card company may be able to charge you a different rate if it is specified in your agreement or in the notice of changed terms.
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In California if single dad dyes who is resonsible for credit card debt?
If there a will of intent then that person assumes all debt and capital gains ... if there no will of intent is NO ones reasonable ... the person's assets can be sold off to settle that debt in an auction ...
Is a husband legally responsible for credit cards opened by wife in husband's name without his authorization?
No, absolutely not. That is fraud whether you are married or not. * It's not legal but it is usually considered a status crime unless the spouse opening the account did so with the intent to defraud or steal by deceit from the creditor. In some cases the innocent spouse defense can be used to prevent the non debtor spouse from being held accountable for debt incurred (this is a very difficult defense to prove in community property states). As for retribution, it is highly unlikely criminal charges would be pursued if the injured spouse filed a complaint unless there were very mitigating circumstances, such as large cash advance charges to the account with no intent to repay.
Can you pay one credit card with another?
Yes, yes and YES! Credit card companies love when customer "balance transfer" debt from another card into theirs. In fact, if you contact your bank and advise them of your intent - you may be entitled to some incentives such as a delay in interest charges or airline miles etc. It is reccommended that if you clear the balance on one card by this transfer process not to close your now empty account. It will negatively affect your credit score. Wait until the balance on the new card is virtually paid off.
Is it possible that if you have debt with credit card companies and leave the US that you could be arrested at the airport on your return?
No, not paying one's debts is a civil matter not a criminal one. There are laws that pertain to a debtor committing criminal fraud in connection with obtaining credit. These laws are very complexed and difficult to enforce, as it must be proven that the debtor used "sufficient evil intent" to deliberately obtain cash or goods without the means or intent of repayment.
What is choreography intent?
Intent in choreography refers to the intent of the choreographer and what he or she wants the dance to convey.
Does it hurt your credit score if you open 1 or 2 credit cards with a 12 month deferral of payments and interest with the intent of paying these off from a mortgage refinance within that 12 months?
The deferral option itself will not have a significant effect. The debt to credit ratio that might be incurred during the time period, will definitely change a credit score. Therefore, deferred accounts can have a negative impact on the CR.
