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Laura Rowley Money & Happiness

Laura Rowley, Money & Happiness

Unholy Alliance Fleeces Social Security Recipients

by Laura Rowley

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Posted on Thursday, November 15, 2007, 12:00AM

Virginia grandmother Ruby Fauntleroy, 74, knew something was wrong when her rent payment bounced shortly after her Social Security check had been direct-deposited into her bank account.

Fauntleroy went to the bank, where a teller told her that the account was frozen following notice of a court judgment and garnishment order by Capital One. Fauntleroy had been trying to pay off this $4,000 credit card debt for years, but dropped her monthly payment to $100 after her husband died and her income declined. Capital One sued, and won a judgment.

"I was just numb, I couldn't believe this could happen," said Fauntleroy. "I told the bank, 'You know nobody is supposed to take a government check,' but they did. I couldn't sleep at night, I couldn't eat. I thought, why are they doing this to me when I was trying to pay [my debt]?"

When Exempt Isn't

Legal aid agencies across the country say they've been flooded with calls from seniors and disabled people whose accounts have been frozen by bill collectors. This is happening even though the federal government specifically prohibits the garnishment of exempt funds such as Social Security and veterans benefits.

In the worst cases, seniors go hungry or without medication because they have no access to funds -- in some cases, for months at a time. "People can really bumble around for months trying to get their accounts unfrozen because the procedures they have to follow are so Byzantine," says Claudia Wilner, attorney with the New York-based Neighborhood Economic Development Advocacy Project (NEDAP), which handles about 200 such cases a year.

In August, three senators asked the inspector general of the Social Security Administration to investigate the extent of the problem, querying the nation's largest banks on how often the practice occurs. The Senate Finance Committee held hearings on the issue in September.

Slow to Respond

The problem comes amid enormous growth in consumer debt, and changes in technology that make it easier and cheaper for creditors to seize bank accounts. Although banks can tell whether an account contains exempt funds before they issue a freeze, they argue that ignoring a restraining order would leave them in contempt of state court.

But even when both the creditor and the bank agree a mistake has been made, bureaucracy can leave seniors in limbo for weeks. Laurie Doran, staff attorney for South Jersey Legal Services, had a client who discovered the levy on her account when she went to buy medication. "They zapped both her savings and checking, and she didn't have access to any funds," says Doran. "She came over from the pharmacy in an absolute panic."

Although attorneys for both the creditor and the bank immediately agreed to lift the freeze, it couldn't be done because the levy officer -- a liaison between the court and the bank -- was unresponsive. It took two weeks to unravel, during which the elderly woman's health deteriorated.

Death by a Thousand Fees

Moreover, some banks are making a profit off these account holders through exorbitant fees. Banks typically charge a non-refundable legal processing fee of $100 to $150 for the freeze itself. Then, when the consumer, unaware of the freeze, pays their bills, they can incur significant overdraft fees.

In one case, Chase Bank froze the checking account of a New York retiree -- whose only income was from Social Security -- following a $920 judgment for an unpaid dental bill. The woman had $929.54 in her account, but the dentist never got anything. "Chase Bank managed to grab the entire account," says her attorney, Jim Baker of the Northern Manhattan Improvement Project.

The 72-year-old wrote nine checks against the account without realizing it had been frozen; several of those checks were presented twice for payment. Chase charged $30 each time. In addition, the bank was debiting 45 cents a month from her account for credit insurance. "Every time the first of month rolled by and Chase couldn't debit its 45 cents, they charged her another $30," says Baker. In four months, the account was empty.

Even when a freeze is lifted and garnished funds are restored, banks often refuse to refund fees. "The banks say they have the right to charge fees because it's a deposit agreement," says Wilner. "They say they are not acting through the legal process, but through a contractual agreement, so the regulatory exemption doesn't apply to them."

Trolling for Delinquencies

The problems are becoming more frequent because of the burgeoning debt collection industry. In 2005, $110 billion in face-value debt was purchased by third-party debt buyers, 90 percent of it credit card receivables, according to the Association of Credit and Collection Professionals.

In New York City, the number of consumer debt cases filed in civil court has grown 300 percent in 5 years, to 320,000 cases in 2006, according to a new report from the Urban Justice Center. Ninety percent were brought by third-party debt buyers. Almost $1 billion in claims were made against New York City residents, and creditors obtained judgments of nearly $800 million, the center estimates.

Once a default judgment goes through, the creditor's attorney sends an electronic information subpoena and restraining notice, which has the same power as a court order. The cost is minimal. "The volume of collection activity is way up," says Baker. "Creditors used to have to have some reason for thinking someone had an account at a specific bank. Now they simply send out a blanket email to every bank in the tri-state area, and say, 'If so-and-so has an account, freeze it.'"

On the consumer side, the problem is compounded by direct deposit: This year, 85 percent of Social Security recipients received their payments electronically, up from 41.5 percent in 1985. Someone who encounters a freeze may have subsequent checks slip into the account before they're able to find their way through the legal maze.

Frozen and Refrozen

Meanwhile, creditors who are rebuffed often turn around and file a new claim for the same debt. New Yorker Waverly Taliaferro, 70, worked for decades as a photographer before retiring in 2001. He and his wife lived off of his Social Security payment and her income. In 2003, when she was laid off, they fell behind on a credit card bill. Their account was frozen in 2006, which Taliaferro discovered on his way to the grocery store. Over the next 23 days, he says, he and his wife survived on a 10-pound bag of brown rice.

After his lawyer was able to remove the freeze, Taliaferro began receiving his check by mail, and paying $23 to a check-cashing service to cash it. Six months later, his attorney told him that Chase Bank had issued a policy not to freeze exempt funds, so Taliaferro opened an account -- and received a $100 bonus from the bank for using direct deposit. The account was frozen 16 days later because it contained non-exempt funds -- what was left of the bonus money from Chase.

"Absolutely nothing will stop that debt buyer from trying to freeze it again," says Taliaferro's attorney, Johnson Tyler of South Brooklyn Legal Services. "When a credit card company sells off a debt, they don't sell it with a red flag that says, 'We tried to collect and she's on Social Security.' It's sold as part of a bundle of debt. We have cases where the debt buyer froze the account three times in a row on a client who is homeless and mentally impaired. A judge ordered them to stop and they still did it."

A Modern-Day Debtors' Prison?

Consumer advocates say Congress should adopt federal legislation modeled after a California law that prohibits a restraint on the first $2,500 of any account into which Social Security funds are directly deposited. "That would simplify things for the banks, and essentially effectuate the whole purpose of what Congress wanted to accomplish with exemption laws," says Tyler.

For her part, Fauntleroy says she's done with credit cards, although she still gets daily offers in the mail. "They keep trying, but I won't bite -- I even got one from Capital One," she says. "Either they're crazy or they think I am!"

Like Fauntleroy, many seniors try to make good on their debts, legal advocates say. "Many of our clients made payments for years until they couldn't do it anymore," says Patricia Duecy, a paralegal with Legal Services of Northern Virginia who worked on Fauntleroy's case. "Some of them did pay them off -- if you looked at what they actually charged, outside of late fees and interest.

"A long time ago the country made a decision that when a person is old or poor, they should have a subsistence income to pay for rent, food, and medicine," Duecy adds. "The money is supposed to be going to their basic needs and not going into the hands of debt collectors. If we can't protect the most vulnerable among us, what are we doing?"

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212 Comments

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  • Jim - Saturday, December 8, 2007, 9:05AM ET  Report Abuse

    • Overall: 5/5

    Over 200 eye-opening comments here. I wish I knew how to print all of them so I could send them to our 435 congressman. They need to know more about these "real world" tragedies. What ever happened to accountability for the rich bankers and ceo's? Why must it only apply to those who lack the wherewithal to fight in their own behalf?

  • Yahoo! Finance User - Wednesday, December 5, 2007, 2:05PM ET  Report Abuse

    • Overall: 5/5

    I agree with personal responsibility, being aware of not living beyond your means, etc., but, being disabled and relying on a SSDI check, and having a disabled child, when the car breaks down, the roof leaks, our medication bills are due, we have to eat (you won't criticize us for wanting to do that), purchase fuel, to drive my children to school, the funds are GONE. "Living beyond my means", means to me providing for my children and myself clothes, food, medication, and help for my disabled child. Yes, I read the find print, I conserve, but I did not PLAN on becoming disabled. I am a college graduate. If a bank charges me $36 for debiting my account .30, isn't that a bit much? I don't see any comments from the elderly or disabled here, probably because they cannot afford to read these articles, as they cannot afford the "luxury" of having a computer, or afford the gas to go to the library. Who has 3 months of "emergency earnings"? I cannot save 3 months of my SSDI payments because they are not even considered "earnings so I cannot invest them in a 401(k). When my husband dies, I will have nothing to speak of in work history, and will have the same benefit, or less, since I will not have "dependents. Any solutions? Anyone?

  • Chandra - Sunday, December 2, 2007, 12:47PM ET  Report Abuse

    • Overall: 5/5

    Why can't we get broadcast media to cover stories like this instead of a running commentary on Brittney Spears' activities du jour.

  • A - Thursday, November 29, 2007, 6:21PM ET  Report Abuse

    • Overall: 5/5

    These banks are spineless and can't face up to their responsibility to mankind and their fellow Americans. They need to learn to balance their fiduciary responsibilites to stockholders in tandem with their moral responsibilities to fellow human beings. Sure, greed and avarice will always be around, but I refuse to sell my soul to the devil. I like money, but not blood money, which is what the banks crave to satisfy their bloodlust. They need to bring balance into their lives...if they choose to be amoral or immoral, the least they can do is try to counter-balance that behavior with some clear attempts at true morality...and not only lip service.

  • Leah - Wednesday, November 28, 2007, 5:24PM ET  Report Abuse

    • Overall: 5/5

    This is what America and Americans have become. Money hungry, and they say we have the right to make a profit. Yes you do, but a legal and moral one to which you are entitled to . The charges for late fees are incredible; bounced checks; notify the person you are freezing account until you contact bank. Thereby no additional checks or fees accumulated. It used to be credit cards would not accept charges beyond credit limits, now the fee for going beyond the credit line is too enticing to banks. What if bank or other creditors were not allowed to sell off delinquent accounts. Are they still allowed a tax write off if they can't collect? We take our companies abroad for cheaper labor and larger profits. How can the people left with the minimum wage jobs afford your product without going into debt and sometimes not able to pay at all. How much profit can you make if your product sits on the shelf. Look at the stock market at companies laying off personnel. They are losing money. The only ones making money are those who prey on our most vulnerable our seniors. So how long can the US last? I can see a virtual "dog eat dog" scenario. Our economy bloody in someones fangs. We don't need wars or enemies we are self destructing just fine. Thank God at my age I probably won't be around to see it.

  • Doug - Tuesday, November 27, 2007, 12:59PM ET  Report Abuse

    • Overall: 5/5

    Why can't those crooks inside the beltway try to do some good for a change or are they getting large donations from the credit agencies and don't want to help. The American People are getting fed up with our politicians.

  • james - Wednesday, November 21, 2007, 4:30PM ET  Report Abuse

    • Overall: 5/5

    Most banks are like vultures ready to swoop down with a variety of sur-charges!!

  • Amy - Wednesday, November 21, 2007, 12:05PM ET  Report Abuse

    • Overall: 5/5

    This is exactly why I am debt free and I will never use credit cards again. I work as a cashier at a local grocery store, and when I see people charging their groceries with their credit cards, I just cringe. I think "Well maybe they pay their balance in full every month." But I also think about the risk they are taking when doing this! And if they do not pay their balance every month, they are sinking into this hole that will be very difficult and painful to get out of. You will never gain wealth and have financial peace when all you do with your paycheck is give it to the banks month after month! It's a shame, because this lady mentioned in the article would have been just fine and would not have even needed a credit card if she and her husband practiced these ideas YEARS ago: 1.) live below your means; 2) Never use credit cards-- if you cannot afford it, don't buy it!; 3.) SAVE your money for emergencies and for RETIREMENT! I think the main problem with this society is that we are very ignorant with money and how to handle it. Many of us were simply never taught on how to manage our finances. Now, she has to deal with the consequences of her ignorance. It's very sad. This should be a wake up call to America! We should mandate that all high school students take a course on how to effectively manage their money before they graduate high school. Perhaps this will help a bit. And since the banks practically own our political officials and college campuses due to the emormous monetary donations they give them, the only way to educate people is through high school. And I just now thought of a horrible idea: maybe the banks will now start targeting high school seniors with credit card offers, since I'm sure the high schools would love to receive thousands of dollars in monetary donations from them! And, hey, this will help lower our property taxes! Immoral, yes, but what they are doing now is immoral! And, I can see this happening in the near future! We as a nation need to wake up and get a hold of our finances. Our government officials continue to borrow and borrow and borrow again, and yet we complain "It's your fault you're in this mess." Well, yes it is their fault, but they do not know any better. MANY OF US DO NOT KNOW ANY BETTER. Grow up America, stay out of debt, STAY AWAY from credit cards, and live a debt free lifestyle!

  • BronzeRON - Wednesday, November 21, 2007, 11:39AM ET  Report Abuse

    • Overall: 5/5

    Judgement can not be programmed into computers. Just as police think everyone is guilty, debt collectors think every one is a bum in their respective business engagements. Debt collectors get a cut of what is collected. So who can blame them - they respond to incentive. Publish the Bank name and everyone in the chain of responsibility who took positive action or took no action. Put the story in their hometown local paper so their neighbors know their character.

  • OneEyedMonsterFixer - Wednesday, November 21, 2007, 10:25AM ET  Report Abuse

    • Overall: 5/5

    Wouldn't it be wonderful if you got a debt collection call and the person on the phone said... "This is the amount we'd like you to pay, but if you can't do that, how much can you pay?" The demands for unreasonable payment plans when debts are sold are the leading cause of people no longer wanting or being able to pay, in my opinion. In essence they are saying if you can't pay the amount we want you to, we don't want your money. How frustrating it is for someone who wants to pay what they can and is not allowed to do so. Another issue of course is the banks themselves. With the huge increase in use of these Debit/Credit cards, banks mouths are watering I'm sure at all the new fees they can now bilk out of consumers. How ridiculous is it to have some mishap happen with your account and end up paying a fee for some small transaction that equates to 1000's of percent in interest. If a lender tried to charge this rate of interest they would be in jail. Perhaps there needs to be a revision of bank fee policies nationwide. Sure banks should be able to collect fees for services, but shouldn't they be relative to the transaction amount and then have a cap? That would make the most sense to me. Perhaps if the transaction amount was less than double what the fee would be, the actual fee could be pro-rated down on a scale. This would help people who get into temporary trouble, keep from getting in deeper because of bank fees. I have personally seen people incur a months worth of income in bank fees for 'credit card' transactions the bank processed and then attached a fee to for doing so. Another solution may be just to have transactions on credit cards in general go through immediately, including debit/credit cards. On some credit card transactions, the funds disappear for a day or so, then re-appear in your account for a few days while 'being processed' then come out again. If you aren't careful mistakes can be made in the interim when they re-appear in your account and then incur yet more bank fees. The bottom line is that banks and credit card companies are out to get as many fees out of you as they can. A friendly bank manager or account rep may be able to get them back or most of them, but who wants to have to do this all the time. A little off topic I guess, but credit card and bank fees are the true root of this problem if you ask me.

  • Yahoo! Finance User - Wednesday, November 21, 2007, 5:54AM ET  Report Abuse

    • Overall: 1/5

    Here is an idea... do not incur debt you can not pay! Tired of hearing sob stories about people who didnt plan for retirement, and now cant pay the credit bills they ran up... tired of hearing about mean lenders foreclosing on innocent people who just want a home... hey, guess what... thats what happens when you overspend! Stop blaming everyone else for your problems. Sorry, but mistakes have consequences, and if you dont pay for your mistakes, that means that sooner or later, I will. The problem here isnt "predatory lending"... it should be called "predatory borrowing". When a borrower incurs debt, they are getting what they want... its the lenders and the rest of us that get screwed.

  • EricS - Wednesday, November 21, 2007, 5:46AM ET  Report Abuse

    • Overall: 5/5

    The whole problem could be solved by making usury illegal.

  • X - Wednesday, November 21, 2007, 5:14AM ET  Report Abuse

    • Overall: 3/5

    Instead of tearing up credit card applications MAIL them back in thier prepaid envelope. UNSIGNED and not filled. They will stop sending them.

  • Khana - Tuesday, November 20, 2007, 7:37PM ET  Report Abuse

    • Overall: 5/5

    Excellent artivle it brought my awareness up re: senoirs and "unholy" practices...this great info as I have two parents that are aging and can be affected by this...keep them coming and I will keep trying to educate myself and my parents so that we never have to experience anything like this ever!!! Great Job!! Brava !!!

  • Richard - Tuesday, November 20, 2007, 5:53PM ET  Report Abuse

    • Overall: 2/5

    only 320, 000 consumer claims filed in the city of new york in one year. must be america's heartland. Poor grandma poor grandpa. probably thought they would get lost in the shuffle. . Unlike other peoples in the world such as the japanese these people dont save for their future. Rents in new york city are many times higher than other places. What the hell are they doing there with only ss checks to live on. It does not add up. nobody can pay rent and live on ss in new york city. I bet that if grandma was twenty years old today she would get purposely get pregnant, sue and ruin some guys life and live on welfare and garnish child support as long as possible.

  • Wheels - Tuesday, November 20, 2007, 12:44PM ET  Report Abuse

    • Overall: 5/5

    There is blame on both sides. Those that go into debt and those that treat debtors as if they were not worthy of respect and or sufficient money to eat. The problem starts when we lose our ability to see debtors as people. We need corporations that have morals and feelings. We need a government that treats corporations as bad citizens when the act as bad citizens. Both individuals and corporations need to be more responsible but they also need remember some day they will come face to face with God. When that happens they will receive from God that which they have given. Remember the old saying "What goes around, comes around" in their life or after. Do unto others as you would have them do unto you. How do you want to be treated?

  • phillip - Tuesday, November 20, 2007, 12:22PM ET  Report Abuse

    • Overall: 5/5

    If you think that credit card and other debt companies have free reign in garnishing ones bank funds, in reality they have very ridgid procedures, but they have become very adept at it. These protective laws do not pertain to those check cashing companies or post dated check services that can legally charge you 400% APR - and this is not considerings the fees they can actually charge additionally. Wait until you get behind on your debt with THEM and you discover that they have REAL free reign on you checking or savings account. It is unfortunate that a considerable amount of this consumer debt is not because of irresponsible money management but rather some major catastrophic event, like a major medical event, and all of those bllod-sucking vampires will hound you to the grave.

  • Yahoo! Finance User - Tuesday, November 20, 2007, 12:20PM ET  Report Abuse

    • Overall: 5/5

    I have read most of the comments and still fail to see the underlying problem mentioned. I bought a house two years ago for 420k. At the time that was feasable, but now,the house is only worth 330k due to a massive nationwide housing devaluation and recession. I still owe tjhe bank for the orignal purchase price. Yet the prices for everything else have skyrocketed. This doesn't make any sense. My salary is barely able to keep up with the basic costs of livng, medical, family, and mortage. Even with perfect math and financial planning, if this continues, I may need to take an extra loan to make ends meet. If I sell the house, I will still be in the hole 100k. Even many of very responsible people are having a rough time and may become the pray to these debters. When social security is involved and similar issues acrue, they feed on the most vulnerable. I only pray I may never have to become food for these vultures. Social security is not charity. It is earned income from years of hard earned tax payments for the time they and most elderly will need it. There are good reasons the federal government made these funds excempt to garnishment. There has to be a better solution to this nationwide crisis than letting the elderly and dis-abled be gobbled up alive or the very rich will gobble up every body that isn't quite rich enough, and we will all be very poor. In today's world both parents have to work just to make ends meet. Our dollar is plummetting to toilet paper status as I write. The emerging world markets are what has kept us from a total recession. They also depend on our strength and our dollar. Our dollar needs a new CEO. Just like Citi and Merryl when they tanked. These faulty loan practices are a world economic epidemic from nation to nation.

  • Sam B. - Tuesday, November 20, 2007, 11:52AM ET  Report Abuse

    • Overall: 5/5

    It's a sad statement on society, when even with laws in place this happens. My father had the best philosophy--no credit cards, no debt--if you don't have the cash, don't buy it.

  • Yahoo! Finance User - Tuesday, November 20, 2007, 10:53AM ET  Report Abuse

    • Overall: 5/5

    Save your coffee cans and buy a shovel. Oh, don't forget to get some shells for that old shotgun of grandpa's, you may need it.

  • legilbegil - Tuesday, November 20, 2007, 10:13AM ET  Report Abuse

    • Overall: 5/5

    Banks and collection companies are the biggest whores in the world. In many cases the Banks own the collection agencies that skirt federal laws. Some states have solved the problem by simply banning the practice of garnishing paychecks and bank accounts for consumer debts. If all 50 states got on board with this practice the debt-buying business would dry up. If the only way to collect on a debt was to hold a Sheriff's sale on property, the costs would outweight the benefits to these vultures and they would simply go away. It's bad enough that they ruin your credit score with these collection accounts, but then they turn around and try to entice you into new credit cards as a sub-prime borrower. The cards carry 22-28% interest rates and are loaded with hidden onerous fees.

  • Tom - Tuesday, November 20, 2007, 9:48AM ET  Report Abuse

    • Overall: 5/5

    Capitol One, Chase....both are financial vultures and we must reform the banking services in this country. Time to say enough is enough.

  • William - Tuesday, November 20, 2007, 9:06AM ET  Report Abuse

    • Overall: 5/5

    I appreciate the comment about how the devil controls the money, however, we have been given choices. Capital One sent me a late notice for a statement I received the same day. Rediculous. Then extracted the payment from my checking account with authorization. I decided that no amount of CC debt was tolerable and paid them all off. My choice. I went without in other areas of my life to do it. So for those of you that go into debt and are now whining about it. TO BAD. Choose to NOT go in debt and pay off the debt your have. In every example in the article, "A CC debt they got behind on" is mentioned. Make better choices, otherwise your no better than a caged animal. It all sound like a baby crying. Whaaaaaaa!

  • Chris R - Tuesday, November 20, 2007, 1:26AM ET  Report Abuse

    • Overall: 5/5

    Michigan has seen many of these _imps and _hores from banking institutions take advantage of the young, poor and older citizens!

  • David - Tuesday, November 20, 2007, 12:26AM ET  Report Abuse

    • Overall: 5/5

    Laura Rowley shines a big light on a potentially huge problem going forward with Babyboomers and all who could never afford retirement investments, but I question whether the elected 'representatives' in Washington will notice and side with the Social Security crowd while the big banks stand in the wings, diverting attention by waving campaign donations and dollars. Big banks already won an important legislative battle against consumers, making it more difficult for consumers to file for bankruptcy. And big banks have so far skirted responsibility for the mortgage crisis. Meanwhile, they're constantly trolling for more suckers with their never-ending letter campaign and fine print hidden on the back of the paper. The banks are in the catbird seat.

  • durga - Monday, November 19, 2007, 10:48PM ET  Report Abuse

    • Overall: 5/5

    please send this to Debbie Stabenaw, US Senetor from Michigan, and Senetor Dodd for prompt action in initiating legislation to curb this atrocious practice.

  • Yahoo! Finance User - Monday, November 19, 2007, 9:27PM ET  Report Abuse

    • Overall: 5/5

    I have a Capital One Card that I pay on time and keep up, but the more I see of how they operate, I want to cut it up and pitch it. This is not the first or second time I have seen their name attached to wrong doing.

  • Yahoo! Finance User - Monday, November 19, 2007, 9:20PM ET  Report Abuse

    • Overall: 5/5

    the love of money is the root of evil.and we all know who controls the money.

  • Yahoo! Finance User - Monday, November 19, 2007, 6:01PM ET  Report Abuse

    • Overall: 4/5

    Banks, Finance Companies, Lawyers, they are all powered by greed. If you want to stop them you almost have to go broke trying. They will do anything to get your money. The only way to protect yourself from credit card companies is to not have any. I feel sorry for senior citizens because there cognitive abilities start going bad and they will do about whatever it takes to survive. My mother-in-law in the early stages of dimentia was putting all her medications on her credit card and not paying it. We caught up with her after about a year and she had run up $10,000 in debt, it was a mess similar to the above ones.

  • james - Monday, November 19, 2007, 5:47PM ET  Report Abuse

    • Overall: 5/5

    This is unconsionable. This is what happens when our elected represenatives in washinton cozy up to financial lobyists. It is just another example of a legal system gone mad. lawyers make up a majoraty of our elected officals and this is the result.Throw out thebums. Become an independent and vote against all incumbants untill our elected officials get the message.

Showing comments 6-35 of 212<< PreviousNext >>
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