Posted on
June 15, 2009
at
5:37 am
my bank froze my accounts without my knowledge... i am wondering if they can actually do this? because i've owed them from a loan. i still can't issue any checks till now, i have been living with friends and bills are piling up. help, please. thanks
Posted on
June 15, 2009
at
6:09 am
Your bank has the authority to freeze or even take funds out of your account if you owed them money. Some banks include that provision as part of the agreement once you sign with them. In fact they do not need to inform you of that since you signed that on your contract anyway.
Posted on
June 15, 2009
at
11:14 am
Post It Note, it may also be possible for them not to file a judgment against you, given that you already owe this particular debt to them, and as Java & Chips mentioned, already is part of the agreement that you signed with them. I believe they also have the ability to charge from your account in the event that overdrafts occur and fees are charged as a result of these overdrafts.
Posted on
June 18, 2009
at
8:35 am
Yes, this is correct. If you took out a loan through your bank and are past due on that account, they reserve the right to levy your bank account as long as that provision existed in your original loan contract. A lot of the time it is unecessary for the bank to obtain a judgment first to do this since you have signed off on this stiuplation once you took the loan out.
