Re: bank loan-BK

Posted by JerNTN (24.158.147.91) on August 05, 2004 at 20:08:51:

In Reply to: bank loan-BK posted by migs on August 05, 2004 at 19:05:04:

From a logical(not necessarily legal) approach, it would stand to reason that the CU will not freeze your checking account since you have re-affirmed on your auto loan with them. It would be quite a different story IF you did not re-affirm and was going to let the CU repo the auto where they might incurr a loan deficiency.
Although the CU's are regulated by the National Credit Union Association, and not the FDIC, they must abide by government regulations....to protect themselves as well as insure the rights of its debtors.

The reason I say that the CU can NOT freeze your account is because there has been no judgement executed against you, especially, if you're current on your payments and re-affirm you debt to them.

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