HSBC taking money from my savingds account

FrankieFraser

today (07/05/09) HSBC took £500 punds from my savings account to clear my current account , even though i never authorised this or gave them my permission , further more this money was from the department of works and pensions and i need the money for obvious reasons , can anyone tell me if this is legal for them to do this or just them making rules up as they go along , help if any would be greatly appreciated , thanks , Fraser

welshmoneylover

yes they can. sorry to be blunt.

the_annoyed_customer

its in the t&c of all banks at they may take money from one account to pay for something else

kjmtoday

bloody banks...I have bank flu

atypical

Out of interest, what if the other account was an ISA and thus removing any amount from there could affect that person’s annual allowance?

I assume they can do so, but in practice don't. Or am I thinking of banks in far too warm and cuddly terms?

alanq

See http://www.moneysavingexpert.com/protect/setting-off (not to answer the ISA question)

the_annoyed_customer

atypical wrote: »

Out of interest, what if the other account was an ISA and thus removing any amount from there could affect that person’s annual allowance?

I assume they can do so, but in practice don't. Or am I thinking of banks in far too warm and cuddly terms?

Someone asked this question on this thread http://forums.moneysavingexpert.com/showthread.html?t=1530191
on the 2nd page. It doesn't get answered but on the 3rd page someone wrote about Barclays and had and ISA with them apparently according to this banks can not take from an ISA in theroy and therefore don't in pratice. As a couple of posts down after the Barclays ISA Q, someone states at it would be against ISA regulations

FrankieFraser

basically , i have been to HSBC and they are willing to give me the money back on the fact i show them a source of income , which is my JSA which they can see on their screens , the fact that the money was to pay for my childrens food/clothes and general well being has really got my back up ,. but yet they wont show me no legal paperwork on request to prove that what they are doing is legal

sagalout1954

Did HSBC give you permission to get your current account into £500 (presumably) of debt?

posted_2

If you are paying interest on the overdraft, you are up on the deal.

FrankieFraser

no , i had no standing orders , or DD for that account and refused an overdraft but yet they are refusing me my money which was paid for the fact for my children