Can creditors empty my bank account or freeze it?Just got off the phone with a creditor. I owe capitol one 1100 dollars I was seconds away from settling the account. And now they know I have a bank account with wells Fargo. I didn't give them any other info I decided to just hold off on paying them today till I see my check Friday. Now I'm wondering did I... |
Creditors do not have direct power to freeze your bank account. They'd have to take you to court and win a judgment first.
However, if you've ever given them your bank checking/routing #'s in the past for previous payments, then there's nothing to stop them from trying to debit your account. Also, some ethically challenged collectors have been known to pull your bank routing number from previous checks and attempt their own debits.
If you feel that they may have your bank checking #'s, then you may want to cancel your account.
Always get the terms of any settlement agreement in writing BEFORE you pay. If you don't they'll just come back and start demanding more money. Paying defaulted credit card accounts will not fix your credit.
More info on paying credit card defaults at: http://catdadsblog.wordpress.com/2011/02...
Confirm the statute of limitations first before you start cutting checks: http://appointmentcards.wordpress.com/20...
