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This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.

413. I have a checking or savings account at the same bank as my Visa or MasterCard. Can the bank freeze my account or take money from it if I miss a payment on my credit card bill?

Probably yes. You should check your cardholder agreement. The
typical agreement gives the bank the right to take the money in any
of your accounts with them if you are delinquent on your bill. Even
if there's not such a provision in your cardholder agreement, it's
probably buried somewhere in the fine print that governs your
deposit account.

However, the Fair Credit Billing Act does not let them take any
collection action at all if you have properly notified them of a
dispute; see section 5, "Billing errors and overcharges."

 

Continue to:

• prev: 412. Does my credit card payment have to reach the lender by the "due date" on the bill, or is it enough if I just mail it by the due date?
• Index
• next: 500. Billing errors and overcharges

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finance, debit card, credit card, secured card, guaranteed card, unsecured card, consumer credit, bad credit, credit report