Ask Experts Questions for FREE Help !
Ask

Credit Card and My Personal Banking Acct

Asked Jun 30, 2008, 04:49 PM — 2 Answers
My bank is also one of my credit card holders. If I default the credit card, can they touch my bank account(s)? Can they freeze them or take money from them? The card is not secured (regular credit card - VISA)

Thanks.

2 Answers
Fr_Chuck's Avatar
Fr_Chuck Posts: 72,597, Reputation: 37026
Expert
 
#2

Jun 30, 2008, 05:05 PM


If they can take money from your account will depend on the terms and conditions of the credit card. If in all those dozens of pages of fine print you never read, if it gives them permission to do that, then they can.
If they do not have permission to do that, then they will have to get a judgement like any other credit card that is from another bank.
Helpful  (1)
slowandeasy's Avatar
slowandeasy Posts: 354, Reputation: 93
Full Member
 
#3

Jun 30, 2008, 05:17 PM
Hello Treggor

Also if your bank happens to be a credit union they may have the right to take the amount from your account. The reason I say this is a friend of mine had a checking account at a credit union. He also had a small loan there as well any way to make a long story short the credit union took the payment he missed out of his checking account and when he asked them they told him he agreed to it in the paper work he signed. Another reason to read all the fine print and keep copies of everything you sign
Helpful

Not your question? Ask your question View similar questions

 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting

Undo
Redo
 
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

Need a Personal Loan, But I have No Credit [ 2 Answers ]

I need a personal loan of about five or six thousand dollars. I have no previous credit and I don't know anyone who has good enough credit to co-sign for me to take a loan out of the bank. It is extremely important that I have this loan within the next week or so, due to medical problems that I...

Civil summons for a credit card, but my fianc? Has never had a credit card [ 13 Answers ]

Hello! My fianc? Has received a civil summons from a law firm representing Discover card. My fianc? Has never had a discover card in his life. His parents hae one, but the civil summons is for him. He has never received a bill or a letter or a phone call. Apparently the card balance has been...

Business credit--vs-- personal credit [ 1 Answers ]

I have good personal credit---and good business credit--- are they linked at all -- what if the business folds and the credit is not paid off -- will my personal credit suffer

Personal Loans w/ Bad Credit [ 2 Answers ]

Hello all. Happy Holidays. I am not trying to create a sob story, however, I realize if anyone can or will help I need to briefly describe my situation. In a nut shell. I am one of the millions who has managed to find myself in the black hole of debt. A couple of years ago, I had myself...

Bad Credit Personal Loans [ 3 Answers ]

Help Please! I have been trying to get a personal loan for about two months now. I have terrible credit. I have gotten myself in that black hole of debt that so many people get into. Payday Loans, Pawn Loans and Credit Cards. I just want to get out of this. Pay days are supposed to be days to look...


View more Banking questions Search