Credit card co. attached our checking acc.?

Question

How can a cc co. take all your money from your checking acc.? My name is not on his credit cards,an he is on SS dissability.When they would call they wouldn't discuss it with me,but they took everything we had and my name is on checking acc.

Answer 1

Banks generally have something in their account agreements that gives them a security interest in all your accounts with them for all your other accounts with them.

The card company might have gotten a judgment.  This would allow them to seize assets.  If your husband is in default, and his name is on the account, then it can be seized.  Other names on the account don't matter.

Answer 2

Let me guess the checking account which you jointly own is at the same bank where the credit card was held.  Example you have a joint checking account at Bank of America and your significant other has a Bank of America credit card only in his name.  If you read the fine print Bank of America states they can take any assets held at the bank to settle debt or satisfy late payments.  It happens alot and yes, it is legal.  Never have a credit card or line of credit at the same bank where you do your checking and savings.  Also, as stated before they could have a judgment in place with a lien on the account.

If this is the case you need to go open an account at another bank where neither of you hold lines of credit.  If you do not they will continue to drain your account.

Answer 3

This question was best answered by Andrea T, since your account is attached, they must have had a judgement against that person and won.  Put I know they can try to garnishee someone, but I've never heard of them taken money out of a person checking account.  You need to talk to a lawyer about this.

Answer 4

Is the checking account in both of your names?  If so, that's how they can take the money.  It sounds like there was a judgement against the person with the credit cards and his name was on the account with yours.  You should keep your own account separately, especially if he owes more money.

Good luck to you.

Answer 5

If his only income is SS disabity,have him call Social Security toll free @ 1-800-772-1213. They will have to return the funds to his account.

Answer 6

That is illegal. You need to contact a lawyer ASAP and close that account and get a new one right now.