Legal Question in Banking Law in Alabama
Banking Question
I have several loans in one bank. I switched my checking account to another bank because the first bank would just reach into my checking account and pay their loans. I have paid one of my loans with a check from the new bank. Can they now go into the new checking account and grab my money for their late payments? The two banks are not affliated.
Asked on 1/15/09, 11:06 am
1 Answer from Attorneys
James Patterson
Underwood & Reimer, P.C.
Re: Banking Question
I believe the new bank can not automatically draft the money out of your account to pay your old bank loan unless there was some type of agreement between those banks. You may want to review your loan documents with the bank to be sure.
Answered on 1/19/09, 4:09 pm
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