Legal Question in Credit and Debt Law in California

Seizure of Savings Account

Due to circumstances I have been late on VISA payments a few times recently, and am currently 1 1/2 months late for a total of $190.00. My Credit Union has frozen my savings account so that I can't access the funds which is in effect seizure? Is this legal for them to freeze my savings account without prior notice, or even legal at all regarding the small amount due?


Asked on 9/30/00, 7:30 pm

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Seizure of Savings Account

Yes, the customer agreement is signed when you open the account allows for this type of set off. This is one reason why it is a bad idea to have a credit card with the same institution that you bank with.

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Answered on 11/30/00, 4:27 am


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