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Bank taking money from my account…

I have not yet declared bankruptcy, but I am seeking credit counselling to determine the best option for me. My question has to do with my bank taking funds out of my account to pay off arrears on my visa. The account is a joint account, and money was deposited recently from an inheritance. The bank must have been monitoring it because a couple days later they took over $1300 in back payments. They know that I have been going to credit counselling. I would like to know if they are legally allowed to do that. It is a joint account and I was not the person who deposited the money. They did not notify me that they intended to do that, and they haven’t notified me that they took the money out either. I can’t seem to find anyone who can tell me if the bank is allowed to do that or not.

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One Response to “Bank taking money from my account…”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Legally the bank is well within their rights and this is a very common practice and unfortunately there really is no recourse that you are left with. The only way you can prevent this from happening in the future is to open a bank account with an instution to whom you do not owe money and use this as your primarly account.