How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4543
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year 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.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,