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Car Loans & Credit Unions

Discussion in 'Banking, Finance, Investments' started by Kaelee, Jul 26, 2019.

  1. Kaelee

    Kaelee Law Topic Starter New Member

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    I’ve recently fallen behind on my vehicle loans. I currently have two loans, one that is not even 30 days behind and one that is 64 days behind. I have made payment arrangements for X amount of dollars to be made every Friday, until my loans are back in good standings. Lately my bank has been freezing my account ( only allowing me to deposit my checks and transfer the agreed amount to the loans )

    For example- it’s Thursday night, I just deposited my paycheck and they have locked my account, even though the payments aren’t due until tomorrow. How can my Credit Union freeze my funds if the payment arrangement, payment isn’t due until tomorrow? This is making it impossible for me to do pretty much anything.... I do not understand how they can freeze funds when I have made arrangements and haven’t defaulted on said arrangements. Is there any legal recourse here or am I screwed until my loans are back on track? Any help would be greatly appreciated.
     
  2. adjusterjack

    adjusterjack Super Moderator

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    The how is explained by the did.

    Besides, there is likely a provision in your account holders agreement (the one you didn't read when you first opened the account) that allows it.

    No.

    Yes.

    One solution is to stop depositing your paychecks now that you know this is going to happen.
     
  3. mightymoose

    mightymoose Moderator

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    Open a new account at another bank or cash your checks somewhere for a fee.
    If you do this be careful that you do not miss any payments.
     
  4. zddoodah

    zddoodah Well-Known Member

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    Are your vehicle loans through your credit union?
     
  5. Zigner

    Zigner Well-Known Member

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    Just a minor note - and it's not specifically relevant to your question - a credit union is not a "bank". The rules are often somewhat different.
     

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