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Bank transfer without permission

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cottles
cottles Posts: 1 Newbie
in Praise, vent & warnings
Has anyone been in a situation where your busines bank manager has transferred money from a personal joint account (unfortunately with the same bank) to pay back a business loan without our consent? Is this legal?

Any help/advice would be much appreciated

Many thanks
cottles

Comments

  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    My situation isn't exactly the same but even though I cancelled my direct debit the bank moved money from my personal account to pay it when the money was available. I complained but when I checked it was in the terms and conditions.
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
  • Freddie_Snowbits
    Freddie_Snowbits Posts: 4,328 Forumite
    I think for an answer, a little more information is required. For one I assume this is a Joint account and one signature is suffice.

    That being so, then what is the problem, the bank or the business?
  • Optimist
    Optimist Posts: 4,557 Forumite
    Part of the Furniture
    cottles wrote: »
    Has anyone been in a situation where your busines bank manager has transferred money from a personal joint account (unfortunately with the same bank) to pay back a business loan without our consent? Is this legal?

    Any help/advice would be much appreciated

    Many thanks
    cottles

    It is called set-off and it will be in the terms and conditions you signed when you opened your accounts
    "The whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts."

    Bertrand Russell. British author, mathematician, & philosopher (1872 - 1970)
  • dreamypuma
    dreamypuma Posts: 1,349 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Optimist wrote: »
    It is called set-off and it will be in the terms and conditions you signed when you opened your accounts

    I've known HSBC and Natwest to do this and as mentioned by Optimist, it will be in your T&C's and is perfectly legitimate.

    Always worth reading what you sign to avoid nasty surprises.
    My farts hospitalize small children :o
  • Jvic28
    Jvic28 Posts: 1,596 Forumite
    Yep, I was with Natwest and they did it to me. When I checked, it was indeed in the small print.
    DMP Mutual Support Thread Member No 190
    17/05/08 - Total on DMP: £10025.70
    07/05/14 - Total on DMP: £1666.20 DFD: July 2017!!
    Baby Tomos born 5th June 2009 - 6lb 5oz :j
    Weight Loss Target - to lose 60.8lb by NYE 2015 - 37.6lb TO GO
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