In this article we consider one of the most common questions we’ve seen Team Helpline adviser of the national currency when dealing with individuals of debt;
What can a bank or building society, in which the customer does not have enough money, in particular, account for payments due from the account, but it has enough money for one of his other accounts of the bank?
A typical scenario:
If the overdraft on current account at the end, or client displays are covered by a slip and default bank loan, and the customer does not pay the debt.
The bank may withdraw money from a savings account of the customer to reduce or remove debt?
Or, if the customer does not make a credit card or mortgage payments, banks can use the cash from the customers current or savings account to missing payments, thus helping customers avoid additional interest and fees?
The principled position that the bank or building society has the right – but not the obligation – to look at the overall situation of the client and “Combine” customers’ accounts. This is sometimes called the law “gone” or the right to “combine the accounts. The bank or building society will have this as a general law, whether it is notes that account directly to the terms and conditions. Thus, in the example above, The bank can transfer money from one account to credit to make payments in other accounts, but is not obliged to do so.
Before the bank can use its right to “set” it will have to meet certain conditions: (more…)
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