Funds Seizure Question

[Mxhalofan]

What is the name of your state? Missouri

Hey guys, question: My bank, US Bank is trying to reposess some equipment I leased through them, about 13k worth, and I have a 10k unsecured business loan with them. I haven't paid on these for about six month or more because I've been in hard times.

I've gotten a little money saved up in a business checking account I have with them, about 4k. My question is if I don't give the equipment back or start payments etc, can they seize my funds in the account?

I'm going to get a business account with another bank soon, but I'm curious if they could refuse to close out my account or something similar. I got a message from USBank saying either produce the equipment or face litigation. I'm planning to either file Bankrupcty or start a payment plan outside of that, but right now that money is livelyhood. Thanks Alot!

[seniorjudge]

Q: My question is if I don't give the equipment back or start payments etc, can they seize my funds in the account?

A: I don't know without reading your written agreements. I know that banks do tend to do such things; whether your bank will is something I don't know. Why don't you ask them?

[moburkes]

Originally Posted by Mxhalofan

What is the name of your state? Missouri

Hey guys, question: My bank, US Bank is trying to reposess some equipment I leased through them, about 13k worth, and I have a 10k unsecured business loan with them. I haven't paid on these for about six month or more because I've been in hard times.

I've gotten a little money saved up in a business checking account I have with them, about 4k. My question is if I don't give the equipment back or start payments etc, can they seize my funds in the account?

I'm going to get a business account with another bank soon, but I'm curious if they could refuse to close out my account or something similar. I got a message from USBank saying either produce the equipment or face litigation. I'm planning to either file Bankrupcty or start a payment plan outside of that, but right now that money is livelyhood. Thanks Alot!

And, that money they loaned YOU is their livelihood.

[Mxhalofan]

So what will happen if I walk into my branch tomorrow, typically. I could talk to whoever is my new banker and explain I've hit hard times but can do a direct withdrawl payment every month of ... $100 Seriously, what will they want for the 13k lease and 10k loan? Are they going to demand the items, a hefty monthly payment and or sue me for it? Seize my funds right there and say... what? Just curious. Thanks

[debtcollector`]

Originally Posted by Mxhalofan

So what will happen if I walk into my branch tomorrow, typically. I could talk to whoever is my new banker and explain I've hit hard times but can do a direct withdrawl payment every month of ... $100 Seriously, what will they want for the 13k lease and 10k loan? Are they going to demand the items, a hefty monthly payment and or sue me for it? Seize my funds right there and say... what? Just curious. Thanks

I'm going to offer a guess that they want the items and the balance of $23,000.

Yes, they have the right of offset and they will exercise that right.

What they do will have a lot to do with your relationship with your branch manager and your attitude.

DC