bank/money question

Discussion in 'The Watercooler' started by klmno, Aug 17, 2009.

  1. klmno

    klmno Active Member

    I'm behind paying some bills- including credit card thru my bank. If I deposit a check into my bank account, can the bank lock my account or automatically take that money out of my account?
  2. mstang67chic

    mstang67chic Going Green

    I don't think they can automatically take payments out UNLESS that is in the contract. I have seen though, banks freeze accounts if there are too many issues with it (overdrawn, extremely late on payments to the point of sending it to collections, etc.) Your best bet is to simply call them and talk to them about it. They want their payments but most of them are willing to work with you.

    Another thing...not all the time but a lot of the times, the smaller credit unions are good about working with you on things. When you get things straightened out, that could be something to think about if you are considering switching to a different bank.
  3. susiestar

    susiestar Roll With It

    If your account is overdrawn they can. If you are late with payments but have no direct payment withdrawal set up they shouldn't be able to. I could be wrong so maybe you should call and ask? You would not have to give your name and you might even be able to call a different bank to find out.

  4. busywend

    busywend Well-Known Member Staff Member

    Yes, they can. I believe they have to file something so they usually do not take that drastic measure until someone is really late. But, I would take no chances.

    I once had a very old debt that I did not even know existed (I had co-signed) and one day my bank account was emptied. They collected. It was a collection agency that did it through the bank. Apparently they could not find my address (ha!) but they could find my bank account. I was furious. I had my mortgage to pay!
  5. DaisyFace

    DaisyFace Love me...Love me not

    Busywend is correct--

    if you owe the bank money they have every right to simply take it from your account. If you are really in a tight spot--I think you need to open a new account with a different bank. (not trying to encourage you to be deceitful or anything--but ya gotta do what ya gotta do...)

  6. DammitJanet

    DammitJanet Well-Known Member Staff Member

    Everyone is correct. Never had a credit card so never had this exact thing happen but I did have one of my kids have an account at my credit union and their account went overdrawn and the credit union took the money from my account.
  7. mstang67chic

    mstang67chic Going Green

    Klmno, I really think your best bet is to call and speak with someone at the bank. Find out exactly what their policies are on these types of things and see what you can work out with them. More than likely they will require you to turn over or cancel the card but if they are the ones financing the card, I would think they would be willing to work with you to get their money.
  8. totoro

    totoro Mom? What's a GFG?

    if the card is through the Bank then they will usually make the payment with whatever money is deposited into any account within that bank. If it is late... then the charges start wracking up.

    I spaced one of my deposits into my bank account, (we have 2 accounts one here and one in Idaho). Long story.
    The 5.95 service charge came up at the end of the month, so they took the money out of the Credit Card that is through the Bank!
    That is not the bad part, they took $250.00 dollars from the credit card just in case I needed more to cover other expenses, and charged me a $35.00 overdraft fee.

    This of course is all in fine print on the account...

    Until the laws change the banks basically have been able to do a lot of sneaky things.
  9. klmno

    klmno Active Member

    Thanks, all! I just got back- I deposited 2/3 and brought 1/3 home in cash (just in case). I made a small partial payment to them while I was there. I now need to go thru my old bills and see what I can catch up on.
    Last edited: Aug 17, 2009
  10. Lothlorien

    Lothlorien Active Member Staff Member

    Call the number for the credit card, itself. Let them know that you are having a tough time paying the bill and ask them if they can do anything to help you out. My friend just did that with one company and they gave her 0% interest for one year as long as she made the payment (which they halved her minimum payment). The closed the account, but it will not be a delinquent account on her credit report. Banks are really willing to help people out, because they don't want people to go bankrupt or debt settlement.
  11. klmno

    klmno Active Member

    That's my plan, Loth!!! I just need to figure out what I can commit to- I'm trying to put it off until I go to court to find out how much my CS will be.