In most cases yes, although you should have received notice of a judgment being granted and had a specified time to claim exemptions or take other action to protect property. A bank does not need to notify the account holder that a court ordered levy has been executed on the account. As soon as the bank is presented the order, by law they must take the action ordered. Some banks will give the account holder 24 hours notice, but that is a courtesy not a legal requirement. States have specific laws as to how an account can be levied, to joint accounts in particular, you should seek legal advice as soon as possible. In the meantime, DO NOT deposit or allow automatic deposits put into the account. Depending upon the court order and the amount owed the creditor may be able to withdraw almost immediately, any funds deposited.
If the debt collector is authorized to do a debit withdrawl then there is documentation that you signed authorizing same. If the documentation you signed with the debt collector does not match with the amount being withdrawled from your account, notify your bank immediatly of the fraudulent transactions. Take the documents to the bank. Do not prewarn the debt collector that you are doing this.
It depends: a. If your account was closed because of insufficient balance being maintained or frequent bounced check issues etc., the bank would send you a notification letter and close the account. b. If your account is suspected of terrorist or money laundering activity, then the bank reserves the right to close or block your account without intimating or notifying you. It is perfectly legal and by the law. The offending customer should not be informed when the bank takes such an action.
The original creditor is required by law to charge off an account after a 180 day deliquency. In most instances the account is sold to a third party collector. The collection agency will continue collection procedures. If an equitable arrangement cannot be made with the debtor, the collector may refer the account to an attorney who may decide to file a lawsuit.
Yes. Once an account has been sold it becomes the property of the collector/collection agency that buys it. The collector can then file suit against the account holder debtor for the amount owed and if a judgment is awarded against the debtor it can be enforced in whatever way allowed under the laws of the debtor's state to collect the debt that is owed.
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