Visa put my money in my bank acct on FREEZE.. is this possible?!?!?

Question

Okay so I missed 3 minimum payments on my Visa card the last few months. The last payment I made was in May. I thought no biggie I'll just start paying it off in August (as I was saving for a trip) Well my mistake. My bank account is linked to my credit card as they are both with the Royal Bank and they put a freeze on my money!! Can they even do that?? I called and they were so nasty and told me that If i didnt make arrangements for them to auto deduct from my account then they would leave my account frozen and I could not access my money. So now i have to pay it off and not when I choose! I am so furious.. I am even thinking about closing that bank account and opening one with another bank that they can't access my Funds.. IM SO MAD!! What do i do.... they also closed my Visa and said I can't use it until it's at a 0$ balance and even then I'll have to reapply!! GRR

Answer 1

Yes, they can take your funds...it's called Right of Offset...it's in the Disclosures you should have read...

Answer 2

Yes it is legal and I think you will need to get a little more maturity before getting any other credit cards.  BTW - even if you open an account with someone else they can get a judgement and freeze your account there as well.

Answer 3

Yes, some banks actually do that. Especially if it's linked to a bank account because it's used to help save you from overdrafts in your account. What you may need to do is talk to another representative that may appear to be more helpful and hear what they have to say. If they continue to be nasty, try to talk a supervisor. In the meantime, just do what you can to pay it down or off and if still not satisfied, open up another account and withdrawal all your money and go to another bank with more lenient policies. Good luck

Answer 4

You can't decide whether it is convenient or not for you to pay your bills. If this were the electric company then you'd have no electricity. If this were your auto insurance, you'd have no auto insurance. If this were your rent payment, you'd be facing eviction. Your card company has the right to sue you as well if they deem necessary. Credit cards aren't free money. I'd suggest going down there to your bank and speak with someone in person and be very nice. They may be willing to work out a payment plan for you to unfreeze your account.

Answer 5

Yes they can freeze your account. I would try talking with someone in the customer service department of both your bank and the Visa people. Be nice!!! When you are nice they try to help you out. I would tell them that you are having a tough time right now and that your money is going to other things and that you can send them payments, they will be small payments but still payments. Tell them that you will give them so much a week (whatever you can afford) them getting any money from you is better for them then getting nothing at all. As long as you are sure to make your small payments untill you can send a full payment they wont complain too much. YOu might get a call or two saying that they would like more money, all youc an do is tell them that you are working on figuring out your money situation and that you will try to send more when you can. Be sure to not tel them that you were saving up for vacation, they wont feel any remorce for you at all. By telling them that your money is going to other things you are being truthful and getting to your money in the bank!

Good luck and have a good trip!

Remember to be nice!!

Answer 6

I don't understand why you're so angry.  When you applied for the card, you agreed to the terms of the account.  One of the terms is making the payments.  You didn't do that.  The bank will take whatever means are available to get their money since you didn't make any payments.  They're not doing anything wrong.  You need to pay them what you owe.

Answer 7

I am absolutely flabbergasted!!    I especially liked the part where you didn't pay the credit card for 3 months cause you were saving for a trip.  Why let a little thing like the contract you signed agreeing to make at least the minimum payment every month, get in the way of your little trip.

Pretty obvious that you have absolutely no concept of financial responsibility.