Legal Question in Banking Law in Indiana


If I owe a bank money for a loan, can they take the money out themselves without notifying me?

Asked on 3/02/07, 1:56 pm

1 Answer from Attorneys

John Bator Bator Redman & Shive

Re: Banking

Most likely the answer is yes. It depends on a number of factors but mainly the question is Did you agree to allow what is called a set-off in any of the loan documents or the account terms and conditions when you opened your bank accounts? Most documetns include your consent to allow them to take payments out of your account without your consent or notice to you (if they noyified you you could withdraw your funds)

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Answered on 3/04/07, 7:48 am

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