Legal Question in Banking Law in California

Chase takeover of Wamu & My money

I was a WaMu customer...I am behind in my credit card payments to Chase...I pay something every month but am behind....can CHASE suck up my Wamu checking and saving acct to pay themselves? BofA did this with a friend of mine who owed them on a credit card but had not paid in months and was filing for bankruptcy. Help! Thanks!


Asked on 9/26/08, 1:27 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Chase takeover of Wamu & My money

Your deposit agreement with WaMu -- why do I think you have neither read it nor retained a copy -- probably says they are allowed to take from your deposit account to pay overdue credit card balances.

Yes, you are now a depositor of JPMorgan Chase, and Real Soon Now they will figure out the situation and suck the money out of your deposit accounts.

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Answered on 9/26/08, 1:35 pm


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