• Report: #931417

Complaint Review: Academy Bank

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  • Submitted: Thu, August 23, 2012
  • Updated: Thu, August 23, 2012

  • Reported By: semantic — Highlands Ranch Colorado United States of America
Academy Bank
PO Box 3400 Internet United States of America

Academy Bank Garnished income without notice Internet

*Consumer Comment: Is This What You Are Saying?

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I was a co signer on an account that was closed at Academy bank.  The bank then transferred the balance owed to my active banking account without notice to me.   When I discovered the debt in my account I contacted them.  The collections department "Sherry" promised me a pay arrangement after I had made my current account current so that I could have some of my direct deposit pay to use to live on.   Well my pay was direct deposited, and they took the entire amount.  I have called several times to resolve the matter.   They give me the run around, telling me to go the branch, the branch tells me to call the collections department.  One branch told me to take out a loan to pay off the debt, I was declined.. so then that branch set up a pay arrangement but still no resolve.  They refuse to talk with me, they hang up on me tell me people arent there I am not rude or abrasive there is no excuse for this behavior from a bank customer of theirs since 2005.

This report was posted on Ripoff Report on 08/23/2012 08:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Academy-Bank/internet/Academy-Bank-Garnished-income-without-notice-Internet-931417. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Is This What You Are Saying?

AUTHOR: Jim - (USA)

You co-signed a bank loan. You have a checking account at the same bank. The other person on the loan walked out on their responsibilities and stuck you with the account. (Nice friend!). The bank then took money out of your checking account to pay the loan. Is that what happened? First, this is NOT a garnishment action. To "garnish wages" the lender must first file suit against you and obtain judgement. What has apparently happened here is the bank exercized its "right to offset" procedure which allows then to seize money in any accounts owned by the borrower when the borrower is in default of the loan. As a co-signer on a loan contract, you are just as much on the hook as is the other person. The "right to offset" provision would have been written in the paperwork you received when you opened the account. When you agreed to having the account, you also agreed to "right to offset".
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