Answer
Yes. Accounts held at a bank where a loan is also active can be garnished for repayment of the loan and applicable fees by the use of a "set off". The bank does not need to obtain a court order nor permission from the account holder to implement the action.
This must have been posted by someone in the banking industry such as a loan offices. They can only do this if you have signed a wage assessment agreement which is also terminate at will and it is not a normal practice, it would be done by someone wanting to show you they are in control when technically they are just giving you a hard time. You really have to read your agreement to be sure what they are legally able to do. Just do not fall for the old yes we can routine and look further into the matter. A lot of bank laws are out dated and do I mean out dated, most was wrote in the 30's and 40's which are still in play today, so I am sure if it is a serious amount of money for the matter, check with a lawyer.