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credit union has put a hold on money in my account

Discussion in 'Banking, Finance, Investments' started by lwlb, Feb 6, 2009.

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  1. Feb 6, 2009 #1
    lwlb

    lwlb Law Topic Starter New Member

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    My jurisdiction is: AZ

    I have a savings account and a car loan through my local credit union. I am late on my car payment but not more than 30 days late. The credit union has put a hold on some of the money in my savings account (the amount of one car payment) - can they legally do this?
     
    lwlb, Feb 6, 2009
    lwlb, Feb 6, 2009
    #1
  2. Feb 8, 2009 #2
    dee_dub

    dee_dub Moderator

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    Yes, it is legal for them to put a hold on funds in your account.
     
    dee_dub, Feb 8, 2009
    dee_dub, Feb 8, 2009
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  3. Feb 8, 2009 #3
    lwlb

    lwlb Law Topic Starter New Member

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    <sigh> That's what I was afraid of... Thanks for the info, though.
     
    lwlb, Feb 8, 2009
    lwlb, Feb 8, 2009
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  4. Feb 9, 2009 #4
    seniorjudge

    seniorjudge Super Moderator

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    You agreed to it in writing; check your paperwork at the credit union.
     
    seniorjudge, Feb 9, 2009
    seniorjudge, Feb 9, 2009
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