My credit union took money out of my savings with no notice or anything notifying me that they had cleared out my savings accout.

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My credit union took money out of my savings with no notice or anything notifying me that they had cleared out my savings accout.

I had brought a car with a loan through the dealer which I later learned was my credit union. The car broke down and I couldn’t afford to fix the car and make the payment so I let them repo the car. I still owed I think $6000. I asked the parallegal if I should take my money out the credit union she told me that legally that loan had nothing to do with my account and they shouldn’t touch it. Now 4 years later they have taken my money and didn’t even notify me that they had taken it.

Asked on June 10, 2009 under Business Law, Texas

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT.  I would need to see the loan agreement and the banking agreement to give you a definitive answer.  I think you also need to find out if the credit union filed a lawsuit and obtained a judgment against you.  If you dont recall receiving notice about it, there may be a clause in the loan agreement that permits them to use funds in your account with them to satisfy outstanding payments.  It does not make sense that a creditor can access your bank account without obtaining a judgment.  I suggest hiring a lawyer to look at the contracts and determine how thebank did this, or go to the bank and have someone explain it and then go see a lawyer.


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