Chosen by Asker

It can be legal. If his bank where his bank account was located was also the issuer of his credit card, then yes they can. It's in all bank agreements, that if you owe on one account they can take the money from another. If the credit card company has already gotten a judgement against him, then yes they can even if it's at a different bank.

by shoredude2

1 month ago

Asker's Rating: 

If your friend's bank account and the credit card were with the same bank and he had defaulted on the credit card, yes. In the agreement fine print there is a cross collateral provision. Your friend was not very wise in cashing out his 401K either. Between the income taxes and the early withdrawal penalty, he lost about 30% or 40%.

by bdancer222- 1 month ago

if the c/c issuer had a judgment then the basic part of the seizure is legal. dunno about the overdraft part.

by wg0z- 1 month ago

W/O a judgment, NO!!! W/O a judgment, credit card companies CANNOT withdraw from your bank account without your permission!!!! if they r; 1. go 2 yer bank, & explain 2 them what's happened. 2. close that acct & open a new 1. 3. NEVER AGAIN give out ANY bank info that u really don't want them having. 4. U can open a temp acct 4 paying credit card companies; u use 2 temp acct 2 pay 1 @ a time & close it when the amt's pd off. in other words, use a different acct 4 each creditor u pay. NEVER put a dime more than agreed amt (2 prevent them from overdrawing) * there may EVEN B a situation where the credit comp hired another comp who specializes in finding assets, so B careful!!! i'd bring home most of my $$$ if there's a need 2 do so, & keep it in a fire safe

by saved_astronaut- 1 month ago