Banks Right To Offset?

kawaka

Hi All,


I have some questions about a banks right to offset one account with another,

I have recently been made redundant and my company paid me out in a cheque which I deposited in a Halifax joint savings account held mine and my partner’s name.

When the cheque cleared Halifax without any notice has taken £8K which includes charges and interest to pay off my credit card debt.

I admit that I am in default with my credit card, but as the card is solely in my name can they take this money from a joint account? And if so without any notice? Is there any thing I can do to get this money back?

Any help or advice you could offer would be appreciated.

anotherpaul_2

Unfortuntately, I suspect they can.

Robert_Sterling_3

I am fairly sure that it will be in the terms & conditions of the account.

noh

From the Web Saver T+Cs. I don't know what savings account you have but the T+Cs will be similar as will those of the Credit Card.

5.2 If any money is overdue for payment
on any other account you or (if your
account is in joint names) any of you
have with us, we may do the following
unless regulations do not allow us:

• take the amount you owe us out of

your account.

• or, if your account is a fixed rate
option, we may keep enough of any
money you ask to withdraw during the
fixed term or which is in your accountat the end of the fixed term to cover
the amount you owe us at that time.
We can do this without giving you notice.

Nigel

bengal-stripe

kawaka wrote: »

......my company paid me out in a cheque which I deposited in a Halifax joint savings account held mine and my partner’s name.

I presume, that cheque was made out solely in your name. So it will be your money.

jonesMUFCforever

I don't think they could take the whole balance though - just the arrears and minimum payment.
Perhaps someone with legal training can comment on this.

normanmark

It's legal, they can take what they like.

The OP's best bet is to call the bank and plead with them.

Swans1912

normanmark wrote: »

It's legal, they can take what they like.

The OP's best bet is to call the bank and plead with them.

It is a shame that Halifax have done this at a time when someone has lost their job. Halifax have not acted ethically however with the state their company is in they are fighting for survival!

normanmark

iKennett wrote: »

It is a shame that Halifax have done this at a time when someone has lost their job. Halifax have not acted ethically however with the state their company is in they are fighting for survival!

How does Halifax know that the OP has lost their job?

Swans1912

normanmark wrote: »

How does Halifax know that the OP has lost their job?

Doh! Fair point.....

anotherpaul_2

bengal-stripe wrote: »

I presume, that cheque was made out solely in your name. So it will be your money.

It wouldn't make any difference. Even if it had been in the OP's partner's name they could still have claimed the money.