http://www.ratestracker.com/personal-finance/personal-finance/can-banks-take-money-from-checking-account-to-pay-loans/ Personal Finance Blog Thu, 28 Jul 2011 09:00:40 +0000 hourly 1 http://wordpress.org/?v=3.3 http://www.ratestracker.com/personal-finance/personal-finance/can-banks-take-money-from-checking-account-to-pay-loans/comment-page-1/#comment-141 vickie mckasson Thu, 28 Jul 2011 09:00:40 +0000 http://www.ratestracker.com/personal-finance/?p=145#comment-141 My husband died and 3 weeks later wells fargo drained our savings account to pay on a credit card leaving me $1 to live on. The credit cards balance was $3000 I had $2000 in bank. The first four weeks of my husbands unexpected death I was in a daze. I didn't know what was happening or why. I do knoww my utilities are being shut off any day now and I wasn't given the chance to even make a payment on that card that I'm aware of. Might be legal but it isn't right. My husband died and 3 weeks later wells fargo drained our savings account to pay on a credit card leaving me $1 to live on. The credit cards balance was $3000 I had $2000 in bank. The first four weeks of my husbands unexpected death I was in a daze. I didn’t know what was happening or why. I do knoww my utilities are being shut off any day now and I wasn’t given the chance to even make a payment on that card that I’m aware of. Might be legal but it isn’t right.

]]> http://www.ratestracker.com/personal-finance/personal-finance/can-banks-take-money-from-checking-account-to-pay-loans/comment-page-1/#comment-110 Allan Henry Thu, 10 Mar 2011 19:45:46 +0000 http://www.ratestracker.com/personal-finance/?p=145#comment-110 If you have money sitting in a checking account at the same bank that you have a loan at the UCC gives the bank a lien on your bank account that they can claim at anytime. This clause in the banks contracts is called a Set Off. Why subject yourself to these risks when you can learn how to legally open an invisible checking account? If you have money sitting in a checking account at the same bank that you have a loan at the UCC gives the bank a lien on your bank account that they can claim at anytime. This clause in the banks contracts is called a Set Off. Why subject yourself to these risks when you can learn how to legally open an invisible checking account?

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