Credit card companies – how they work
Hello,
Please clarify what measures credit card companies can take when a holder is behind in payments. Is it true that if you don’t pay your bills after a few months, the credit card company can literally attach itself to any of your bank accounts and take money out of the accounts? Or does this only apply to bank accounts with banks that you have your credit card with?
To put it another way…if you have a credit card through Bank A, if you don’t pay your bills will they likely take out what you owe out of your bank account without asking?
AND- If you have another account in good standing with Bank B (but no credit card affiliated with this bank), can Bank A still go ahead and take money out of Bank B without notifying you?
Please advise and thank you.
In example A, your bank, without court permission may go into any of your accounts at any time without notice or permission and take funds to pay down any debts you have with that intitution.
No bank has the ability to seize funds from another bank without court permision and to get court permission you must be notified.