Legal Question in Consumer Law in Georgia
bank debited acct for overdue loan
Can a bank debit your your checking acct to payoff overdue loan? This was a signature loan. Was never told and never saw in contract that acct would be used as collateral. I thought they had to get a judgement against me.This is going to cause many checks to bounce.
1 Answer from Attorneys
Re: bank debited acct for overdue loan
It is hard to say with specificity without your loan documents and all other facts, but generally, a creditor has a right to set off funds in their possession, and many loan agreements will specifically provide for this. You say that you never saw this in the contract, but your first step should be to look at the loan agreement to see if the right to set-off is in there or not. However, the Bank may very well have the legal right to set-off even if it is not covered. Again, this is just general information and may be different based on the facts.
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