Thread: Can a credit card company raid my savings?

Had a credit card company take 2k out of my savings to pay on a past due balance. Credit card and bank where savings was is the same...I guess thats legal??

No, its not legal unless they obtained a judgment against you and properly executed it.

so what do I do? If I go to a lawyer its gonna cost me more than the 2k they took

No, it won't. Anymore than a 1k retainer for a simple conversion Complaint is too much. You should be able to recover some form of compensation at least in terms of your costs. It really shouldn't cost you anything if the matter is as simple as you've conveyed.

what kind of attorney should I be seeking to handle this for me? Forgive my ignorance...is that something a company like yours handles?

Hold on one second.

Is this a credit union? If so, you need to find out if the credit card agreement allows for cross-collaterization. If so, they can take the funds out of your savings with them without a judgment.

This is one of the problems with credit unions. Accounts are usually cross-collateralized.

Kind of what I was wondering or if this was some type of secured funds with the savings account attached to it.

To answer the OP's question however, any counsel should be able to handle the matter. It would be a simple Complaint grounded in conversion; i.e., civil theft. I suppose it may also be considered embezzlement but, that is more criminal in nature and I've never seen that plead in a civil action.

Again, the above is presuming that this is the run of the mill credit card. I've really never seen this actually happen but, it seems plausible that it may.

Finally, no we do not offer this type of work even for in state clients. When we (actually only my partner at this time) litigate, it is explicitly under the WVCCPA and in the extremely rare occurence we file an out-of-state clients Complaint here, the FCRA/FDCPA.

No its not a credit union. Its B of A it was a business credit card, and they took the 2k out of my personal savings. Actually the card was issued by FIA which I guess IS B of A

Originally Posted by davidpyle

No its not a credit union. Its B of A it was a business credit card, and they took the 2k out of my personal savings. Actually the card was issued by FIA which I guess IS B of A

FIA was "MBNA", and was the arm that handled accounts not in the mainstream. Be careful that this was not a business account guaranteed by personal assets. Read your original account agreement before doing anything else.

business account with a personal guaranty, my credit, ssn, etc...is that different from personal "assets"? Just curious