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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4476
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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This is probably not the forum question but I may as well

Customer Question

This is probably not the forum for this question but I may as well try. Over 10 years ago I defaulted on a credit card. This no longer shows up on my credit and to be honest I was very young and don't even know which bank it was from anymore. I have bank account through a second chance bank that I have had for about 7 years but I want to move over to a more credible bank. My question is, if I open an account at the bank that I defaulted on over 10 years ago, will they and do they have the legal right to confiscate the money I put into that account?
Submitted: 8 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 8 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

NO -- There is no way they can confiscate your money if you put into that account. The main reason, among other is the Statute of Limitation. Depending upon which State you are in, they cannot come after you once the limitation period of 7 or 10 years end (Depending upon the State).

So, anyways, they cannot take the money out of the new account that you might open.

I am sure this would help.

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Warm Regards,

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