Central District Consumer Bankruptcy Attorney's Association

Awhile back someone on this listserve said not to use credit unions. Specifically, besides, WaMu, Wells Fargo, Union, BofA, and credit unions or any bank debtor owes money to - what other banks are freezing accts that we know of?
Vicki
Vicki L. Temkin
Law Office of Vicki L. Temkin
15030 Ventura Blvd., Ste. 19-780
Sherman Oaks, Ca 91403
Ph:(818) 501-4658 /Fx:(818) 501-0903

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David is right, and my experience has been that B of A is the most aggressive of the banks about exercising their rights of offset. I always advise clients with past due credit cards and lines of credit to change their deposit accounts to a bank (or credit union) to whom they don't owe anything. Watch out for Chase acquiring WAMU, although I've not yet had Chase offset against a WAMU account.
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
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This is known as "banker's right of offset" and it is found in the Civil
Code. All banks do it, so no need to pick on BofA. Your resolution to
advise clients to bank where they don't owe money (and avoid WFB and UBOC)
is prudent.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.

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I just got a call from a distressed client who had several open B of A credit lines, both business and personal, totalling about $85K in debt.
The client is about 90 days past due on these accounts and was telling the collections dept to call me to verify an imminent Chapter 7, which is true, and we did verify representation to BofA collectors at least twice in the last 30 days.
B of A just withdrew every dime of my client's money from a business checking account and a personal joint H & W checking account. There is no judgment in favor of B of A as the accounts are not even 120 days past due.
That's new!
I am going to start advising ALL clients to open new bank accounts at a bank that they do not owe money to, NOT Wells Fargo, and NOT Union Bank (based on last week's posts about post-petition freezing) as soon as they are delinquent on any account, or retain me.
Does anyone know what B of A's authority to off-set is? I am guessing its in the credit card or loan docs but since this is a first for my clients, i'd like to know if this is happening to anyone else and warn those who might be unaware.
Jeff Smith

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