Author Topic: Bank Garnishment  (Read 639 times)

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cross365

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Bank Garnishment
« on: May 17, 2012 04:51:53 AM »
We started up a business credit card account w B of A which we subsequently became delinquent on and set up a payment plan.  After becoming delinquent on the payment plan, B of A made two unauthorized debits from my wife's B of A checking account.  We have no liens or judgements yet on two different occasions the bank debited her account. 

Is this legal without a judgment or lien??

head801

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Re: Bank Garnishment
« Reply #1 on: May 17, 2012 04:58:39 AM »
You may want to check the agreement when you opened the account. Usually if you have an account that goes delinquent they can and will go after other accounts you have with the same bank.
Learning more every day and helping where I can. Just waiting to get my credit terrorist diploma. I am not a Lawyer do not confuse my babbling for leagal advice

nobk4me

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Re: Bank Garnishment
« Reply #2 on: May 17, 2012 10:56:12 PM »
It's called the right of offset.

The rule for debtors is, don't bank where you borrow.
Molon labe

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deepkimchee

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Re: Bank Garnishment
« Reply #3 on: May 17, 2012 11:07:50 PM »
Does the right of offset rule apply to this situation?

I have defaulted on a credit card in the five figures.  My second mortgage is with them as well.  Can they attach the five figures to my second mortgage which is also the second lien on my home?
I refuse to let a piece of paper intimidate me

My statements are educated/non-educated guesses, not legal advice

nobk4me

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Re: Bank Garnishment
« Reply #4 on: May 17, 2012 11:16:08 PM »
Does the right of offset rule apply to this situation?

I have defaulted on a credit card in the five figures.  My second mortgage is with them as well.  Can they attach the five figures to my second mortgage which is also the second lien on my home?

You would have to read the agreement.  One card I had did state that, in the event of default on the credit card, the bank would pursue a house or car financed with them.
Molon labe

Judgment Proof!

deepkimchee

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Re: Bank Garnishment
« Reply #5 on: May 17, 2012 11:25:05 PM »
I would expect them to pursue it, but would it be automatic.  I will somehow have to find the correct card member agreement.
I refuse to let a piece of paper intimidate me

My statements are educated/non-educated guesses, not legal advice