Legal Question in Credit and Debt Law in New York

bank account affected?

I have a loan and checking acct in same bank. Can the bank withdraw money from my checking acct without my permission to apply toward loan?


Asked on 11/05/05, 11:18 am

3 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: bank account affected?

Usually, no. The bank cannot allocate money from your account without a written order from you.

However, your loan indenture may have provided such a written order.

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Answered on 11/07/05, 5:30 pm
Allen Kaplun Law Office of Allen Kaplun, P.C.

Re: bank account affected?

It really depends on the type of loan and financial institution. Please feel free to email me for an appointment so we can discuss your asset protection needs.

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Answered on 11/05/05, 1:04 pm
Robert R. Groezinger GroezingerLaw P.C.

Re: bank account affected?

Perhaps your loan agreement permits this.

Good Luck

RRG

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Answered on 11/05/05, 1:36 pm


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