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Can a bank withdraw money out of your savings account to settle an overdraft?

Since I owe chase bank $500, I can no longer use my checking account. So I have no place to deposit checks. I do not want to deposit any money in my savings account with Chase because I am afraid that they will empty out my savings account also.

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4 Responses to “Can a bank withdraw money out of your savings account to settle an overdraft?”

  1. 27 weeks pregnant with #1!! said:

    i have over draft protection so if i over drafted from my checkings they would take it out of savings. so maybe?

  2. Lucy Lu said:

    Yes, they can and will take the $ from your savings, but if you don’t pay them, they will place you on chec systems and you won’t be able to open a account at any bank.

  3. STEVEN F said:

    The terms of EVERY deposit account open at any time in the last several decades include a ‘right of offset clause’. The SOLE purpose of this clause is to SPECIFICALLY authorize them to take money form ANY account to settle ANY debt you owe them. That said, PAY WHAT YOU OWE. Yes, I am aware all caps is considered shouting.

  4. COACH said:

    Yes, a bank can do anything they want w/ any account especially if your NAME is on it. So..I am telling you from experience ..go and get your money, they will drain it. TRUST ME, CHASE WILL DRAIN YOUR ACCOUNT. I am serious as a heart attack..go and get your money out of the bank. Don’t be surprised if they try to discourage you from getting it. They may even tell you that there is a freeze on your acct. If you do not go and get your money..you will regret it. They will also report you to chexsystems or even place it on your credit report.




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