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Can Different Banks Transfer My Funds?

I have a checking account with one bank that is overdrawn and I recently opened a new checking account at a different bank. Can the two different banks transfer my funds between each other?


No they cannot, unless you give them authorization to do so. You need to resolve the overdraft in the old account as quickly as you can. When banks charge off overdrawn accounts, they often report that fact to credit bureaus. That could affect your ability to open other accounts or to obtain credit.

Published on BankingQuestions.com 11/01/07