My parents have a loan with the Credit Union we use that they pledged "all shares and deposits and payments on shares and deposits" as collateral. I have an account with the Credit Union that until recently was jointly under both my and my mother's names. As I have now become a legal adult my mother's name has been removed from the account.
However, due to recent financial difficulties my parents have begun to miss payments on the loan. Because of this, the bank took all the money from their account to pay their overdue payments.
My parents are now concerned that they will try to go after my money because of my mother's name previously being on the account. I've tried researching online and I can't find a definitive answer to whether the Credit Union can legally take my money to pay my parent's debt.
This is occuring in North Carolina.
Submitted December 17, 2021 at 08:35AM by [deleted] https://ift.tt/3mdD80K
