I have recently encountered some financial trouble. I have been unable to make payments on my credit card for a few months, but need to open a new checking account. I was interested in opening this account with the bank that holds my credit card. Would they be able to put a lien on my checking account? Could any other conflicts arise from this? Will they even allow me to open an account?
Whether or not that particular bank will open a checking account for you will be for them to decide. Given the fact that you are having problems keeping your credit card account current, the bank would probably prefer not to open a checking account for you. However, you won't know unless you try.
The law does not permit your bank to offset your credit card obligations against a deposit account at the bank, or to place a lien against a deposit account without your consent, if you are able to open an account. The bank would be able to obtain a court judgment to attach funds, however.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
Whether or not that particular bank will open a checking account for you will be for them to decide. Given the fact that you are having problems keeping your credit card account current, the bank would probably prefer not to open a checking account for you. However, you won't know unless you try.