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Credit Union Policy
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10/14/2010 12:04 PM (PST)

I it legal for a bank or credit union to threaten to freeze your checking/savings account if you become 30 late past due on a bank closed credit card?

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10/15/2010 11:18 AM (PST)

Kathleen,

In most cases, when you have multiple accounts with a bank - savings, checking, credit cards, cd’s - they will freeze these accounts and or use the monies in these accounts when you are delinquent with credit cards or mortgage payments.

(This is why it is best not to have everything tied into one bank/credit union.)

They can do this until you have become current and/or in line with the terms.

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10/15/2010 7:23 PM (PST)

Isn't that kind of counter productive? If they freeze your accounts, you can't pay anything or them either.....

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10/20/2010 11:02 AM (PST)

Kathleen,

They will probably still allow you to depsoit funds in the account until there is enough accumulated to pay the owed amount and fees.

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