Column: Newsom signs bill blocking debt collectors from emptying your bank account
Gov. Gavin Newsom signed into law Monday a bill that will prevent debt collectors from emptying Californians’ bank accounts.— doesn’t block collectors from draining funds from the account of a person with IOUs. But it puts a halt to the practice once an individual’s combined account balances are down to $1,724.
Debt collectors have various tools at their disposal to pressure people into coughing up some cash. These include garnishing wages, placing a levy on bank accounts and trashing your credit score.of people’s paychecks. SB 616 applies the same thinking to bank accounts — a move already taken by 16 other states.
The Western Center on Law and Poverty and the California Low-Income Consumer Coalition estimate that the average Californian owes $15,100 in non-mortgage debt, including medical, student, auto, and credit card obligations. “If we are serious about helping people escape poverty, then we should prevent debt collectors from emptying an account and leaving individuals with no way to cover day-to-day expenses.”
Consumer advocates note that people have been trained for years by the Federal Trade Commission and other government agencies never to click on questionable links.
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