Comments on: Bank Account Frozen By Capital One

By: On Hold by Credit Union

On Hold by Credit Union — Fri, 05 Mar 2010 23:02:03 +0000

My accounts were put on hold just because I asked for a more affordable rate on my mortgage. I never missed a payment on anything in 45 years of borrowing and paying back money. My credit rate is in the low 700′s. They took all my money from my accounts and are going to put it against my mortgage. Now I can’t even afford to pay my mortgage. How stupid is that? They said my house is not worth what I owe on it. If you have money in the same bank you have loans, get it out! This is going to happen everywhere. They are heartless crooks and no pleading with them will work. We have been members for over 40 years. RUN THE BANKS NOW WHILE YOU STILL CAN!!!

By: cindys

cindys — Thu, 08 Jan 2009 15:17:28 +0000

Concerned,
I believe that I was suggesting that people open accounts for funds that are EXEMPT from garnishment not to hide funds from anyone.

I lost any remorse for not being able to pay my bills when my creditor (Cap One) refused to work with me on a payment plan because I “wasn’t late enough.”

I tried numerous times to work something out with them to no avail. I paid for what I charged multiple times including interest. What I couldn’t pay for was the $80-$100 a month charges when I was forced to default and those were on a balance that was less than $500.

I never had exorbitant credit card bills. I never charged up huge bills and I had been current on my accounts for over 8 years. Cap One had no concern or loyalty for their customer, only threats and harassment.

By: Concerned about your morals

Concerned about your morals — Thu, 08 Jan 2009 15:07:09 +0000

So, you are suggesting that people open up other accounts to hide their assets in so that a company that they owe money to and who has a right to be paid, can’t get paid?

You ought to be ashamed of yourself!

When you don’t pay your bills, other people suffer too! While I agree it’s unfortunate to have bills that you can’t pay, who do you think pays them when you don’t? In the case of a credit card company, you got to charge a bunch of stuff and they paid for it! If you don’t pay them, guess who suffers? Their employees (who maybe will get no raise or bonus or a lesser one) and their stockholders (who will get a reduced or no dividend.) Those employees and stockholders are people like you, who have families and bills of their own!

With a smaller company, it’s even worse. Then it’s the company owner who is paying for your goods or services. Maybe that company owner has six kids and an ailing mother and their wife just lost her job.

I don’t think you should be telling being how to avoid paying the money that they owe.

By: cindys

cindys — Sat, 08 Nov 2008 13:49:08 +0000

There should be a contact person and number on the warrant in debt. I would call them and try to work out payment arrangements. In my case, because they had already gotten the hold, they would not negotiate the payoff any lower until after court.

For an amount that large, you might be better off talking to an attorney regarding what will happen in court. If you do not go to court, the court will grant them the judgment.

By: Ben Searcy

Ben Searcy — Sat, 08 Nov 2008 09:07:32 +0000

I have had my Wachovia checking account frozen. I had $100 in my account and they garnished it for $5000. My account is frozen at -$4900 and I don’t even have overdraft. My court date is set for December 11 and I could possibly scrape $1000 before the date. I have not been able to contact anyone at Capital One outside of India on this matter. I would like to offer my $1000 olive branch before the court date but maybe I should spend it on a lawyer instead or wait for court verdict. I owed $5000 to Capital One and $5000 to VISA at the same time. I just paid off VISA on a payment plan with no problem. Capital One was harassing me and even calling my family and I stopped payments…thinking about declaring bankruptcy instead of enduring harrassment….What should I do if I want to pay $1000 before court date and then pay $200 a month as I did with VISA…They won’t impound my car will they? The bright side of this story is that as I was pulling up to the drive-up window to deposit $3000 cash I asked for an account balance just for curiosity and spotted the hold and left the bank with all my cash and immediately gave cash to my friends to write checks to pay off all my bills…Whew! that was close!

What will the court do on the hearing date?

By: cindys

cindys — Wed, 01 Oct 2008 13:58:06 +0000

Denise, I have had a rather eventful summer and my focus has been on other parts of my life but it’s time to get my focus back on my financial life again.

By: Denise

Denise — Wed, 01 Oct 2008 13:13:39 +0000

Your last entry was so long ago I’m beginning to worry about you. I hope you’re doing okay. I enjoy your blog and miss reading it!

By: Pays to live green

Pays to live green — Thu, 04 Sep 2008 12:46:43 +0000

That really sucks that they were holding your accounts. I have had problems with HSBC freezing my account when I tried to do something they didn’t like. Banks are all the same and only care about making more money. Good luck and hopefully you can work through everything fine.

By: luz

luz — Wed, 03 Sep 2008 20:41:23 +0000

This royally sucks. The same happened to us. We had been saving money to pay off medical bills we knew we’d have at the end of the year from the birth of our baby and they took it all. Absolutely, all of it. Needless to say we are stressed out. With child care costs and vehicle expenses through the roof it isn’t cost effective for me to work outside of the home. Not to mention it would just give them more to take. I’m trying so hard to find a way to make money from here, but I’m coming up empty handed. I know the stress isn’t good for my baby, but I don’t know what to do.

By: Philip Brewer

Philip Brewer — Thu, 28 Aug 2008 19:20:14 +0000

The Treasury is on two sides of this issue. They want the system to work (for people who are owed money by people who have it but won’t pay). But they spend large amounts of money sending checks to people who won’t accept direct deposit–because they’re subject to garnishment and if they had a bank account, it would just be frozen.

They’re working on coming up with “best practices” for the banks, so that they can be sure to leave unfrozen any amount that’s exempt.

They also have an interesting stop-gap, until that’s done: Direct Express.

I wrote a bit about it here:

http://www.wisebread.com/makin.....-garnished