I Wondering....

[pollypurebred39]

If a credit card company has been bought out by a bank and you hold a credit card AND an account of said bank, can the credit card take money from your bank account?

Just asking because we "HAD" that situation and decided to change our bank from that bank to a credit union. The credit card company has been calling us 15-20 times a day for the last 7 months or so. We are NOT in default, they want to change our terms, they kept saying they've got some great new options for us. We've ignored them. They then started calling my in-laws and harrassing them, scaring my MIL. She is freaking out thinking we are going to be sued. I'd like to throttle the little #$%^& that keeps calling an old woman and scaring her like this. My husband was so tee'd off he decided that PNC would not make another cent of interest off our money (bank) and switched our account to the credit union. Now none of our money is within any credit card's bank.

I was just wondering if with all the new "confusing" laws if credit card companies could take money from your bank account if you were behid a few days on the months bill? I know somethings are changing for sure since the credit card companies are calling us saying things like this is the last time we'll be contacting you before we move your account out of office and we know you don't want that!, and You MUST return our phone call about your account immediately. The best part is we are NOT in default, we may have a few late every now and then but never miss a months payment, EVER!

[Libby]

Firstly, I'd ask them to stop calling you and harassing you b/c essentially that is what they are doing. And that they NEED TO stop calling your family members as well as that is 100% pure harassment as they are not tied to your accounts.

Secondly, put it in writing to your banks and request they stop and if they don't you'l'l report them.

Thirdly, if these offers were valid, ask them to send them via mail with all the terms and conditions and make sure you re-state that you hope this call is recorded, then proceed to say that by requesting to see this offer in writing via mail to you DOES NOT MEAN you are agreeing to anything. You just wish the telemarketing harassment would stop.

I feel so sorry for you that you're being harassed like this. Something tells me that they could take the money from your account seeing as they are the same holder though separate entities. Good call on moving your money to a separate account. I'm sure someone else will chime in here with more sound advise but for now the badgering needs to stop from them.

[daughter of pearl]

I know in Canada, bank-related credit card companies can attach to money in your bank account if you are more than 30 days past due. They can also freeze your account if the money available does not meet the minimum (what good that does, I haven't a clue!)

[mauimagic]

Mahalo for the question and info - just lurking to see what answers appear@!!

[craftypam]

If you have not given permission to take money out of your account; I thought it was illegal to take money out of your account. I definately would tell them you are going to report them if they do not stop calling you and your MIL.
Did you have an automatic withdrawl from the first bank? If that is the case it might transfer, but I don't think they can choose how much to take out. I would go directly to the place that is taking/or trying to take money out and ask for a form to fill out. Put it in writing; verbal sometimes doesn't work and its their word against yours. Keep us informed as to what happens.

[McD]

I would check to see if the terms/conditions of your checking account and the terms/conditions of your credit card mention 'right to offset'.

Every bank I worked for had a 'right to offset' clause. If your checking account was negative and met our requirements for sending to collections, we could debit your savings account for that amount. Same thing with a credit card.

[craftypam]

MrsM,
I never worked at a bank but if that were true wouldn't everybodys credit card be going after everybodys checking account to get paid. Just wondering.

Pam

[McD]

Pam,

Right to offset only applies to accounts held at the same bank. For instance, if you missed a payment on a BOA credit card, but you only banked at a local credit union, they couldn't invoke the right to offset.

If you, however, missed a payment on a BOA credit card and your checkings/savings were at BOA, they could use the right to offset because your monies are in the same institution the debt is at.

This link explains it a bit better than I am. Click me Click me!

[pollypurebred39]

We never had a bank withdrawl set up on the account. It just occured to me that maybe they could do this if they wished since it was the same bank. We are not in default of any cards, or loans.

All the cards are calling with offers but this guy, and it's one guy from PNC that keeps calling. I swear it's like he'll get a bonus if he gets us to agree to new terms or something. Him calling the in-laws is pushing things too far. Changed banks just for the principle of it it, not because we were expecting them to withdrawl from our account.