Can US banks legally do this? (bank charged off my checking account)

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Old Feb 21st, 2010, 02:16 PM   #1
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Default Can US banks legally do this? (bank charged off my checking account)

Last month US Bank charged off my checking account because it was over a thousand dollars in the hole. All charges were because the bank continued to allow crediters to take money out when the account was already negative, then make the companies pay back the money.

After the account was charged off I talked with the head of the bank and discussed payment to pay off the fees. I told him that I would call when I had the money to make payments from my savings account. I told him I would call and authorize each payment.

Went and checked my savings account this morning and found that they have debited 350.72 from my account, which was the balance, to offset the charged off account. They did this without my knowledge or permission. The savings account is not tied to the checking account.

Is this legal?
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Old Feb 22nd, 2010, 08:53 AM   #2
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Default Re: Can US banks legally do this? (bank charged off my checking account)

I wish to inform you that the bank is not supposed to withdraw money from your savings account without your permission. However, while opening your checking account in the checking account application is an item called Overdraft Protection. In this you permit the bank to pay checking overdrafts by advances from other accounts which could include a savings account held with the bank. If at the time of account opening you have given this written permission than the bank can withdraw the money from the savings account otherwise not. Bank can exercise lien over your saving accounts but normally withdraws funds to set off after informing you.

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Old Dec 30th, 2010, 10:07 PM   #3
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Lightbulb Re: Can US banks legally do this? (bank charged off my checking account)

Well, no. It's not ODP.
When you go.. I believe it is 90 days deliquent...
Banks have the right to take funds from any other account you have.
I've seen it happen many times.
If you owe the money then they will find a way to cut their losses.
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