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Tanisha

BANK OF AMERICA

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BANK OF AMERICA RECENTLY APPROVED ME FOR CHECKING AND SAVINGS. I HAD AN ACCOUNT WITH THEM MORE THAN 10 YEARS AGO.  I OWED ABOUT $200 WHEN IT WAS CLOSED. CAN THEY TAKE THAT 200 FROM MY NEW ACVOUNT?

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I don't think so.  But with their unending monthly fees for checking and savings accounts they will recoup their loss.

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You will need to review the terms of your Agreement to see what rights of offset will exist.  One must ALWAYS tread carefully when trying to go back to banking someone the consumer had previously stiffed for ANY amount...

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Agree with Centex. Banks use the Offset at their own discretion. As mentioned above, it is usually in your account agreement, which is based on state and federal law.

 

My suggestion has always been simple: Don't bank there if you owe them money.

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https://www.bankofamerica.com/deposits/resources/deposit-agreements.go?request_locale=en_US

 

Here is the BOA account agreement,   I believe it discusses the question.

 

Quote

Bank of America: “We may take or setoff funds in any or all of your accounts with us and with our affiliates for direct, indirect and acquired obligations that you owe us, regardless of the source of funds in an account. This provision does not apply to IRA or tax-qualified retirement accounts, to consumer credit card obligations or where otherwise prohibited by law,” the deposit agreement terms state.

 

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