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Lucy, Esq.
Lucy, Esq., Attorney
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Havent paid mortgage years, can bank confiscate my saving

Customer Question

Havent paid mortgage for 3 years, can bank confiscate my saving account?
Submitted: 1 year ago.
Category: Legal
Expert:  Lucy, Esq. replied 1 year ago.
Hi,

My name is ***** ***** I'd be happy to answer your questions today.
Yes, they can. Kentucky Stat., Section 391.355 allows for what is called a "Right to Setoff." When someone owes the bank money, the bank is allowed to withdraw money from any other account on which the person has signing authority - even if it's a joint account belonging to someone else. They can't take the money while a loan account is current, but they can set off past due amounts or an overdraft balance on one account by deducting funds from another.
This is also usually noted somewhere in the account disclosures the bank hands out when a person opens an account.
I apologize that this was probably not the Answer you were hoping to receive. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.
Good luck.