Legal Question in Credit and Debt Law in Illinois

I have a sister-in-law who has apparently fallen behind on some type of loan payments. Can a financial institution freeze her banking account held at another bank legally until the court date? Also they don't send monthly statements isn't that illegal? They live in Illinois if that makes a difference.


Asked on 12/22/11, 6:57 pm

1 Answer from Attorneys
Sanford M. Martin Sanford M. Martin, P.A.

No, the financial institution cannot levy or block bank accounts unless the account holder has authorized such action or until the court issues an order. Whether monthly statements are

required depends on the agreement between account holder and financial institution. It is

reasonable to demand monthly statements.

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Answered on 12/22/11, 7:04 pm


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