Same Bank
When you put money in a bank, that institution has the right to take the money you put in your account to pay off any other obligation you have to the bank without having to go to court. This right, called the right of setoff, comes from the Federal Reserve and is how a bank can, for instance, wipe out your savings account to pay off a bounced check. As written, the regulation doesn't let banks use the right of setoff to take your checking account to pay a credit card debt. Because of this, some banks write their credit card agreements to get around the limitation and give them the right to take your checking account. If your credit card agreement has this language -- referred to as a security interest -- your account could be taken to pay off a defaulted credit card after all.
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