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Credit Card Debts (modified 0 times) Bobby My savings account at Maybank was tagged "Inactive" which in other words frozen by them as I owe them some credit cards debts RM7,000 each for Visa & Mastercard long long ago somewhere around 2002 - 2003. As I bought the book by William Chan and the author did mentioned about this topic in his book. As advised and mentioned, it is illegal for the bank to "freeze" my savings acc unless they have court order or if I'm a bankrupt (but in my case i'm not and they don't have any court order). So i approached they bank abt this matter and guess what, they told me that they have the right to do so as it's stipulated in the credit card agreement. Is that so? i'm not so sure..... can someone advise? Let's say that Maybank dont have the right to do, should pursue to write to them (as advised by the author) and instruct them to release my card. Will my action be like "stirring the hornet nest" ? Some one help please (VKPC, NOTALAWYER, ALFA OR ANYBODY......PLS) BOBBY. 25 Aug, 2010 10:09:56

RE:Credit Card Debts (modified 0 times) vkpc They are probably right. They don't have a right to freeze your savings account only if the credit card account is by another bank. But since you already signed the credit card agreement ( actually application form ) will allows them to do this, you are in a tight spot. The moral is, KNOW WHAT YOU SIGN! 25 Aug, 2010 10:21:50

RE:Credit Card Debts (modified 0 times) Bobby Thanks VKPC. Appreciate yr prompt reply but didn't the author mentioned that they can't do so... Moreover, I'm no so sure the application form or agreement which i signed somewhere back in 1999 stated that they can freeze my acc should i default the credit cards. From what i knew, many banks only include this clause not so long ago. anyway i'm not so sure. Anyone.... please? (I have faith with what the author said)..... 25 Aug, 2010 11:26:36

RE:Credit Card Debts (modified 0 times) Bobby some one pls.... yr precious advice needed here... pls... 25 Aug, 2010 14:38:37

RE:Credit Card Debts (modified 0 times) alfa the scenario in William Chan's book is if the bank freezes your account for loan default with other financial institutions. If the loan is with the same bank that you have savings with, as vkpc says the terms of your agreement likely give the bank the right to set off i.e. seize funds in your account in settlement of the debt. 25 Aug, 2010 18:18:48

RE:Credit Card Debts (modified 0 times) Bobby Hi Alfa, what about my hire purchase loan? Can the bank refuse to give me the release letter when i have already fully settle my HP loan while I still default in other loan i.e. credit card debt? Please advise. TQ. 21 Sep, 2010 10:36:25

RE:Credit Card Debts (modified 0 times) Bobby anyone please....??? I need an answer here... Kindly help. Thank you. 24 Sep, 2010 08:59:51

RE:Credit Card Debts (modified 0 times) alfa "Can the bank refuse to give me the release letter when i have already fully settle my HP loan while I still default in other loan i.e. credit card debt?" Answer: No, they have no legal right to do so. If they do, lodge a complaint with Bank Negara (Banking Supervision/ Regulation Department) 24 Sep, 2010 13:37:40

RE:Credit Card Debts (modified 0 times) Bobby Thank you so much Alfa for yr valuable advice. 25 Sep, 2010 16:57:44

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