I have a sister-in-law who has apparently fallen behind on some type of loan payments. Can a financial institution freeze her banking account held at another bank legally until the court date? Also they don't send monthly statements isn't that illegal? They live in Illinois if that makes a difference.
Answer
No, the financial institution cannot levy or block bank accounts unless the account holder has authorized such action or until the court issues an order. Whether monthly statements are
required depends on the agreement between account holder and financial institution. It is
reasonable to demand monthly statements.
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