Nationwide to 'Set-Off'?

moments_of_sanity

I have just had a letter from the Nationwide with new terms and conditions - one of them is that they have the right to 'Set-off' in respect of money you hold with Nationwide.

This means they can combine an account on which we owe them money, such as a credit card or overdraft, with another account you hold, such as a savings acount in order to reduce or pay off the debt and this right applies to any accounts you hold with Nationwide.

Has anyone heard of this happening anywhere other than Nationwide?

I don't have any savings at the moment but I will certainly think twice about putting my 'emergency fund' in a Nationwide account.

Hovel_lady

I have heard other banks do this but don't know which ones sorry.
The way things are it's tempting to put any savings under the mattress. I think I'm joking :rotfl:

Tixy

Yep all the banks do it.
They only use the right if you get into arrears with an account, but they will certainly use it in those circumstances
See this thread for lots of cases Do you have money worries and a loan or credit card with your bank?

moments_of_sanity

Hovel_lady wrote: »

I have heard other banks do this but don't know which ones sorry.
The way things are it's tempting to put any savings under the mattress. I think I'm joking :rotfl:

Thanks for your reply Mmmm now the matress, what a great idea - not sure I am joking!!!! :rotfl: