If the bank closes your credit card account ...

pauldorset

... can they demand immediate payment of the outstanding balance?

I have a credit card and overdraft with a UK bank and have been increasingly unhappy with the service offered - in the latest incident they bounced a DD despite funds being paid in that day to cover it (all down to the timing apparently and yes, I should have been more savvy); they are refusing to refund the charges saying their terms allow them to charge them (plus I have been hit by charges from the recipient of the DD and a black mark on my credit history). I want to take the complaint further and ultimately close the account but can they demand immediate payment of the overdraft and credit card balance (they have a reputation for closing the accounts of people who complain).

Any advice appreciated.

chanz4

yes they can demand an overdraft, you wont be able to close it until its zero. Been honest your complaint wont go anywhere

izools

They can demand immediate repayment of the overdraft but not the credit card so long as you stick to your side of the credit agreement.

The credit card carries a credit agreement regulated by the Consumer Credit Act, the Overdraft does not, making it repayable on demand.

Your complaint won't go anywhere. Every UK bank states in their T&C that sufficient funds should be present in the bank account the day before the DD is taken.

Whilst you are displeased by the results, the cause of the results is you not following the T&C you agreed to. Your complaint won't go anywhere.