Legal Question in Credit and Debt Law in Illinois
Can a bank withdraw payment from your checking account without your permission to satisfy an overdue loan payment?
Asked on 1/06/15, 4:16 am
1 Answer from Attorneys
Jonathan Shimberg
Shimberg and Crohn, P.C.
The answer is probably. If you look at your loan papers and your agreement with the bank, the loan is cross collateralized. That means if you fall behind they can take the money from your account.
Answered on 1/06/15, 4:50 am
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