Jacksonville, FL asked in Banking for Florida

Q: Can a bank legally freeze all my accounts without notice because I missed a payment on my bank CC account?

My bank (credit union, actually), with whom I have had accounts for over 25 years, recently froze all of my accounts (2 checking, 2 savings) with assets totaling over $180k, without any warning or notice. The reason they gave for this is that I had an outstanding balance on my credit card (issued by the same credit union), and the monthly payment was overdue. The total account balance (not the minimum payment) on the CC account was about eighty dollars.

Did they have a legal right to do this?

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1 Lawyer Answer
Bruce Alexander Minnick
Bruce Alexander Minnick
  • Business Law Lawyer
  • Tallahassee, FL
  • Licensed in Florida

A: No, but unless you hire a lawyer to contact the credit union for you they will continue acting silly.

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