There are numerous methods that a debt collector may use to get the monies owed. They might include threatening letters or phone calls, harassment of family and friends and even a lawsuit to obtain a judgment. When this happens, a debt collector may garnish your bank account to get what is owed. This is, however, the debt collector's only legal method of accessing your banking information.
Look Over Paperwork
In some instances, the original credit contract you signed with a debtor states that if you default, the company has permission to charge your debit card or bank account for the amount owed. This stipulation is generally found in the small print of your credit contract and may be overlooked in your eagerness to get credit. Look over original paperwork to ensure that you didn't agree to allow the company to collect monies in this manner.
Make Sure You Don't Have A Judgment
If you are the type to ignore calls or letters from debt collectors, then you might not know if the company legally has the right to take the money. If a creditor has sued you in court and won, you may have a judgment against you. Judgments generally allow for wages and bank accounts to be garnished for a certain amount on a regular basis until all monies owed are collected. Check with your creditor or local court system to find out if you have a judgment and get copies of the paperwork to find out the terms.
Contact Your Bank
If you have no judgments and did not sign paperwork allowing the company to take the money from your account, then contact your bank immediately and alert it to the security breach on your account. Ask it to change your banking information and assign you a new account number. You can also request an alert for the company that took the funds, so that the company can make no further transactions from your account. If you have fraud protection, your bank may be able to help you recover the funds.
Contact Your Local Authorities
If a company has illegally removed funds from your bank account without your permission, contact your local authorities, as this constitutes theft. Even if the company operates in a different state, the financial crimes division of your local police department can give you direction on how to pursue charges and can tell you the appropriate next steps to deal with the company.
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