My bank, WAMU, was bought out by Chase. The conversion was done on Oct. 25. Chase took $106.18 out of my new account to pay an old 2005 balance, which they said was a charge-off. Can they do this without notice?
Yes. If you search on our site for "setoff" you'll see that if you owe your bank money, they can take it out of money they owe you.
If they had to send someone a notice that they would be taking these monies owed, how likely is it that the funds would be there when they later went to make the debit?
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
Yes. If you search on our site for "setoff" you'll see that if you owe your bank money, they can take it out of money they owe you.
If they had to send someone a notice that they would be taking these monies owed, how likely is it that the funds would be there when they later went to make the debit?
