I am a co owner on their account in case something were to happen to them. I have newer put money into or taken out money from the account. I do not get statements for the account. I was not a co owner on their account when I took out car loan two years ago. It was not disclosed to me that this would occur when I voluntarily gave them the car back.
Read the membership application again. Oh that's right, you never got a copy of the membership application - you only signed it and walked away thinking you had opened a bank account. The structure of every credit union requires "cross collateralization" as a term of membership and the provisions apply to debt made with the credit union both before and after you added your parent's account to your membership. Not a very friendly business practice, but it 100% is the way credit unions operate. Sorry.
After receiving a judgment against you for the deficiency balance on the car loan, a creditor could attempt to garnish any bank account you are on. If any creditors have valid judgments against you it would be wise for your parents to remove you from their accounts. You may be able to make an equitable argument that the funds in the account are not your and came from your parents but legally you jointly own all amounts in a joint account.
If your name is on the savings account (meaning you could access the account regardless of whether you actually have), then they most likely can access the account for your debt. You need to speak to a MI attorney to see how best to avoid garnishment from the account.
Since you are on the account, it is considered your asset and any of your creditors can go after it. However, you will have a certain amount of time to plead your defenses to the garnishment and you may have several defenses available to you. Consult a debt collection attorney in Michigan right away.
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