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Can a bank transfer money without authorization?

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  • Can a bank transfer money without authorization?

    Can a bank transfer money from a joint account to a loan account without authorization?

  • #2
    At least one or often both owners of the account must approve. Ask the bank to explain if they did so w/o your authorization. Let us know what they say.

    WLD

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    • #3
      Re: Can a bank transfer money without authorization?

      Originally posted by Unregistered View Post
      Can a bank transfer money from a joint account to a loan account without authorization?
      This just happened to me and they explained that they have an agreement that they can transfer the funds if the account is very delinguent. A phone conversation the week prior with the collector is in dispute over the payment date discussed. The collector never revealed that the consequences of non-payment would result in an automatic transfer. This transaction has caused our general checking account to be overdrawn, mostly from fees. Had we understood they had the power to do this (has never happened before) we would have made other arrangements, possibly withdrawing the money and using cash to live on until our payday. The banking institution is unwilling to work with us on this problem.

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      • #4
        Re: Can a bank transfer money without authorization?

        You should be able to request in writing a copy of that authorization form. If they cannot produce something that you have signed in the past stating that they have your authorization to apply funds from your bank account to your loan account... they do not have the authorization to pull any funds out of that account.

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