Offsetting rule question

seriousDFW

I understand the general advice is not to bank where you have debts as companies can take money from your current account to pay off your debts.

My question is this: does this apply even if you are servicing your debts as per the credit agreement?

The reason I ask is that I have 2 credit cards (with different providers to my bank) and neither of these is on a 0% deal, so I want to transfer one to my current acount provider as they have pre-approved me for a credit card with a 20 month 0% balance transfer offer which I have just been accepted for.

My view is that as I'm servicing debts fine at the moment, transfering to my current bank won't be an issue - if unforeseen circumstances mean this isn't the case in the future, I can move my banking to a different current account I already have?

InsertWittyName

I think the generally advice is to not bank where you have defaulted on debts

If you didn't bank where you had debts then nobody would be able to bank anywhere!

I think your reasoning is sound - it makes sense to use the 0% balance transfer offer. If you should come into some other difficulties then of course move your current account to a different bank.

seriousDFW

Many thanks, that's what I thought.