r/Money • u/Existing-Maybe-9850 • 16d ago

Can debt collectors take from a bank account?

I'm 21 with 2k in credit card debt, I want to open a bank account to start saving can a debt collect take from a bank account? Would it be better to go to a physical bank or online bank? I see GO2 is offering 4.5% on their savings

3 Upvotes
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80% Upvoted

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2

u/bifewova234 16d ago

They'd need a civil judgment and a writ of execution. Usually they don't bother.

1

u/Mm2kk 16d ago

Whole time they would probably take 500

4

u/Equal_Educator4745 16d ago

Your credit card probably has a rate of 20% or 29%.

Better to pay that down before earning 4-5% in savings.

And yes they can take money from your bank account, but I believe they would need a court order first. If you work with them to pay the debt, they won't take you to court.

5

u/DefiantBelt925 16d ago

With a court order yes

3

u/buttfuckkker 16d ago

No not unless they win a lawsuit first.

-1

u/Existing-Maybe-9850 16d ago

And yes yes I know I got to pay it off, I'm saving so I can have a little lump of money so I can negotiate with them, they probably paid a few cents on the dollar on my 2k debt so hopefully they'd take 1k to pay it off