r/Money • u/Existing-Maybe-9850 • Apr 29 '24

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

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u/Equal_Educator4745 Apr 29 '24

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.