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Credit Card Debt Collection issues with overdue or defaulted credit card debt.

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Old 06-11-2009, 01:10 AM
DboyAli DboyAli is offline
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Default Credit and Checking Accounts at the Same Bank
My question involves collection proceedings in the State of: Georgia

I have a checking and credit card account at the same bank, If I default on the credit card, will the bank be able to take the money out of my checking account without my permission?

Thanks in advanced
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Old 06-11-2009, 11:23 AM
Antigone Antigone is offline
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Default Re: Credit and Checking Accounts at the Same Bank
Quoting DboyAli
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My question involves collection proceedings in the State of: Georgia

I have a checking and credit card account at the same bank, If I default on the credit card, will the bank be able to take the money out of my checking account without my permission?

Thanks in advanced
They already have your permission. You agreed to this when you opened your demand deposit account. It is called the "right of setoff".
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