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Dave Kennett
Dave Kennett, Attorney
Category: Business Law
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Experience:  25 years practicing law
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I have a loan with a local bank, but does that give them the

Customer Question

I have a loan with a local bank, but does that give them the right to pick and choose which of my checks I write can be paid or not?Especially if I had money in the bank at one point until return charges were too much.
Submitted: 2 years ago.
Category: Business Law
Expert:  Dave Kennett replied 2 years ago.

-Could you explain your situation a little more?
Do you have your checking account in the same bank as the loan?

What do you mean by "picking and choosing" the checks to be paid?

Customer: replied 2 years ago.
Yes the checking account is in the same bank, and by picking and choosing the checks to go through, I mean, I had a Walmart check that I wrote to get business supplies, and the loan officer of the bank didn't think a check to walmart was manditory, and my checking account was just below $100. So he didn't let it go through, which resulted in walmart charging me $35 dollars for a returned check and the bank charging me a service charge as well. I have been having quite a few problems with them this year. I have been in business myself for 3 years and never had this problem.
Expert:  Dave Kennett replied 2 years ago.
Dear Customer - I'm not certain what being "mandatory" has to do with anything but the bank has a right to offset the loan with any assets you have in the bank if the loan payments are not current. So the loan officer can confiscate your entire bank account and apply it to the loan and it is perfectly legal. My solution to the problem is to never keep any significant funds in any bank where you also have a loan. Always us a different bank and you won't have this problem. Obviously you can't take a bank to court for $35 so you need to get yourself another bank for your checking to avoid this problem in the future.

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