Can they touch IRA account

Date: Sun, 01/24/2010 - 07:43

Submitted by anonymous
on Sun, 01/24/2010 - 07:43

Posts: 202330 Credits: [Donate]

Total Replies: 4

I have stopped paying on my credit cards and am hoping to settle on them. One of my cards is at Wells Fargo where I also have checking, savings and IRA account with them. I have already opened a checking and savings account at another bank. Do I need to move my IRA account too or is that an account they can't touch? Thanks!

I think only the IRS can impose a lien on IRA accounts. Keep che

I think only the IRS can impose a lien on IRA accounts. Keep checking back for more replies because I'm not positive about that.

lrhall41

Submitted by Shazzers on Mon, 01/25/2010 - 06:59

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I have found this on several sites so it looks like they couldn'

I have found this on several sites so it looks like they couldn't even touch my checking & savings if I didn't transfer them. I'm still going to though. I would just prefer to not have to move my IRA too.

Federally chartered and regulated banks (i.e. Bank of America, Wachovia Bank, Wells Fargo) have the freedom and authority to exercise their "Right of Offset" on secured, but not unsecured accounts.

lrhall41

Submitted by on Mon, 01/25/2010 - 09:51

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[QUOTE=mrk;520701]I have found this on several sites so it looks

[QUOTE=mrk;520701]I have found this on several sites so it looks like they couldn't even touch my checking & savings if I didn't transfer them. I'm still going to though. I would just prefer to not have to move my IRA too.

Federally chartered and regulated banks (i.e. Bank of America, Wachovia Bank, Wells Fargo) have the freedom and authority to exercise their "Right of Offset" on secured, but not unsecured accounts.[/QUOTE]
Federally chartered and regulated banks (i.e. Bank of America, Wachovia Bank, Wells Fargo) have the freedom and authority to exercise their "Right of Offset" on secured, but not unsecured accounts.
[URL="http://www.debtconsolidationcare.com/forums/../forums/newreply.php?do=newreply&p=520701"][/URL]

Where did you find this info on the Net; I would like to read more.....Thx

lrhall41

Submitted by on Mon, 01/25/2010 - 09:56

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[QUOTE=Anonymous;520705]Federally chartered and regulated banks

[QUOTE=Anonymous;520705]Federally chartered and regulated banks (i.e. Bank of America, Wachovia Bank, Wells Fargo) have the freedom and authority to exercise their "Right of Offset" on secured, but not unsecured accounts.
[URL="http://www.debtconsolidationcare.com/forums/../forums/newreply.php?do=newreply&p=520701"][/URL]
Where did you find this info on the Net; I would like to read more.....Thx[/QUOTE]

I just searched right of offset but if you add Wells Fargo to the search it will weed out some of the other results.

lrhall41

Submitted by on Mon, 01/25/2010 - 13:18

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