EMG/Bank draft

I just received the following letter from JB Wellington on behalf of Emerald Marketing and Associates. Is this true, can they hack into any account? I cannot see how this would be legal. I am with a major bank and I can't believe they would let someone present anything like this. Please be advised that your account will be turned over to the E-Check Recovery Division due to your Insufficient Funds payment(s) The E-Check Recovery Division can actively locate ANY valid bank account, credit or debit card and any other lucrative assets associated with your social security number. If such an account(s) are found, The E-Check Recovery Division can move quickly to recover the entire balance in full due at once with out further notice. If you would like to have control over how and when your loan(s) are repaid and prevent additional recovery proceedings against you, please contact us TODAY to put a secured payment plan in place. If we do not hear from you with a secured payment BY 5/24/2010 12:00 PM, ( A payment represented with a post dated credit / debit card for the month of May 2010) We will assume you would rather have The E-Check Recovery Division take back what you owe in full rather than paying it back on your own terms. In the event that you ignore this notice or that E-Check Recovery is not successful in its attempts to recover our funds we can exercise other remedies to resolve this matter. You may contact us using the contact information provided below. Please note that you still have a chance to resolve this without the involvement of The E-Check Recovery Division!