changing Banks

[ando]

If I owe money to Bank X and have an account there, and haven't filed yet, I know Bank X can go after that money correct? Now if I close my account in Bank X and open one at Bank Y and gave bank x my account number and authorization to keep automatic deduction of student loan from my account , can Bank X go after the whole account without my authorization for the rest of the money that I owe them? or they only authorized to take what I permit them to take from Bank Y?

[poorold]

just change the automatic deduction of your student loan to Bank Y and be done with Bank X.

[fooked]

I agree with poorold... already did it mahself

[ando]

beside the automatic deduction , I still owe X personal loans, my question is , since bank x now know my account at bank y , can they go after it?

[frogger]

beside the automatic deduction , I still owe X personal loans, my question is , since bank x now know my account at bank y , can they go after it?

They can go after it if they have a judgement. Have they sued you and won a court hearing?

[ando]

No , nothing yet , just collectors mailing me letters threatening to do that

[frogger]

No , nothing yet , just collectors mailing me letters threatening to do that

Look at the letter. You'll see may, could, might, possible, and many words like that. They "may" sue you, you "could" be subject to, etc.

Everything they say is intended to be intrepreted as a threat, however, they can not legally threaten you unless they fully intend to follow through with it.

[treehugger1]

Open an account at Bank Z and never use it to pay anyone ACH or use it for bill paying. Use 50 cent money orders from Walmart or open a Walmart debit card and pay bills from there. Even if you write a check, you are essentially sharing your routing number and bank account number. The nice thing about many of the bill pay companies is that they send the payment (ACH or hard-copy check) but your account number does not get sent.

We are so used to sharing all of our personal financial information with everyone; utilities, phone companies, credit cards, other banks. It is not necessary to do this. All you really gain is a few hours of convenience.

[debtprison]

If I owe money to Bank X and have an account there, and haven't filed yet, I know Bank X can go after that money correct? Now if I close my account in Bank X and open one at Bank Y and gave bank x my account number and authorization to keep automatic deduction of student loan from my account , can Bank X go after the whole account without my authorization for the rest of the money that I owe them? or they only authorized to take what I permit them to take from Bank Y?

I wouldn't give them your account info at the other bank. As others suggested I would send them money orders now. Them having the account info might increase the chances of them taking it to court to garnish your new bank account. Anything which makes it easier for them is a no-no. Make it as much of a hassle as possible to get anything from you so they will move on.