Isit legal for a debt collection companu to take out all of the money you have in your bank account without notice or my permission?

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Isit legal for a debt collection companu to take out all of the money you have in your bank account without notice or my permission?

Asked on January 19, 2012 under Bankruptcy Law, Minnesota

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

To do this, they would need a court order authorizing them to have the bank turn over your money to them. However, if they had the court order authorizing them to levy on your account and instructing the bank to do this, then it would be legal, though all the normal procedural steps would still have to be complied with.

Alternately, if they had some document or agreement from you allowing them to do this and authorizing the bank to allow them to do so, they could; and similarly if the debt was one owed to the bank itself, then typically the bank may take it out of any accounts you have (usually, your loan and account agreements with the bank give them this option).

Your first step, therefore, is to ask the bank to explain why and by what authority they did this--e.g. was there an order to levy on your bank account? Once you know that, you can next determine if it was done properly. If done without property authority, the bank may be liable to you.


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