Bank took money from checking acct.

What is the name of your state? Alaska

Our loan with our bank was behind by 45 days. On the 8th I paid the loan current. On the 9th the bank debited my checking account to bring the loan current without my permission.

I wasn't aware a financial institution could access your checking account and withdrawl money without my permission. Is this true.

I am currently arguing to get my money re deposited. I was told that they are legally able to do this because they say they disclose this when you open an account.

I've been in collections on mortgages and we were never able to do this. Not without permission and of course a big fee.

Hope someone can help.

Yes, they can do it, provided they are both the creditor and the bank.

What I don't understand from your post is: if you paid the loan current on the 8th what did they take out on the 9th? Was the loan current or not? If it was current where did the extra payment go?

[djohnson]

Yes, if your loan is with the same bank that your account was with they can. It should also state that in your loan papers if you read it. Since you both paid it current you shouldn't have any problem in having them put the money back in there for the over payment. Unless they are going to call your loan at this point or there is more going on.

Thanks for your help. Now at least I know. I guess due to living here in Alaska and maybe it is with all their branches it takes 3 to 5 days for our payments to actually post. But they back post it to the day we were in the branch.

Unfortunately they didn't wait long enough to show the payments. Which was an honest mistake.

Finally they have agreed to reverse their payments and give us our money back.

The loan was originally taken out with the largest bank in Alaska at the time until a National Chain bought it. No one around here cares much for it, but it does have some advantages I can say. There customer service and fees are much to be desired though.

Let me guess--Wells Fargo?