QUESTION
Is it legal for a bank to sell my checking account(s) to another bank?
Asked on Mar 31st, 2014 on Breach of Contract - Nevada
More details to this question:
B of A sold our checking accounts to Washington Federal Bank. I called to see if I could transfer my account to another B of A branch, and was told NO. I would have to open a new account, and go through all the same hassle of changing 3 direct deposit, 1 monthly transfer and 6 automatic payment withdrawals. This is a major hassle. Is it legal?
1 ANSWER
A bank can't "sell" your checking account. However, one bank can buy another (for example, Capital One Bank recently bought ING Direct) and assume its liabilities, including checking accounts, and that's probably what happened here.
Answered on Apr 01st, 2014 at 6:56 PM