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Yes. If the loan is at a bank where the party holds accounts. This is referred to as a "set off'. Most bank loans will have a set off provision included in the loan contract. It allows the bank to seize the person's bank account(s) for monies owed, w/o a court order or other legal procedure.
First answer by Macky. Last edit by Macky. Contributor trust: 3367 [recommend contributor]. Question popularity: 104 [recommend question]
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Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Money Management > Loans > Can a bank take your money for charge off?
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Can a bank take benefit money for a charge off?
