"right of setoff"

[2Bshinyandnew]

Hi All,

With regard to a banks "right of setoff", I currently have a checking account with a bank that I do NOT have any credit cards with. I have used this checking account on many occasions over the years to make payments to credit cards I have with other banks, specifically BoA, Citibank and Discover.

Can any of those banks access my checking account, or is the "right of setoff" only if a debtor has a credit account at the same bank as checking/savings account? Can creditors access my checking account if I do not authorize the debit?

I'm worried that since I used this checking account in the past to pay BoA, Citi and Discover, that they will try to access the account again without my authorization. The collection calls are just starting. So much to worry about!!

[AngelinaCat]

From what I understand about it, you should be okay, unless you have an automatic bill pay set up online, where the xyz card automatically draws the payment. If you do, you need to kill that immediately.

[magyar123]

Short answer - no. But I advise you to go to your bank and place an up front stop payment against any unauthorized withdrawals from your account by the three outfits that you mentioned.