Nikki
Coconut Creek,#2Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money. If your bank account was with a different institution, then they would need the court order to take the money.
Nikki
Coconut Creek,#3Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money. If your bank account was with a different institution, then they would need the court order to take the money.
Nikki
Coconut Creek,#4Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money. If your bank account was with a different institution, then they would need the court order to take the money.
Nikki
Coconut Creek,#5Consumer Comment
Wed, October 29, 2008
If you have a bank account at the same institution that you owe the credit card money to, they can take the money out of your bank account when you are delinquent. It's called right to offset. They don't notify you first because then you would withdraw all your money. If your bank account was with a different institution, then they would need the court order to take the money.
Mark T.
Bridgeport,#6Consumer Comment
Tue, October 28, 2008
I work at a bank and I know how the levy process works. Banks do not have the right to just go into an account and take money. Moslty because credit cards are unsecured, Chase had been in a process to place a levy to get the money you owed them legally for probally a long time, after the levy is approved by a Judge the court then files it with any bank where you have accounts in your name and WaMu has to honor it because it is not Chase asking, it is the courts. This has nothing to do with the Buyout/merger that happened.