Bank moving savings to current acc??

andynwide

Current acc and savings acc with HSBC. Today they move money from the savings acc to the current acc to cover some direct denits and a small overdraft. No notice given to me, does this sound right?
Thanks

Gordon_Hose

http://www.moneysavingexpert.com/banking/setting-offhttp://

andynwide

ssyas page not available 404

talana

Sounds like they've saved you from a whole load of bank charges - unpaid DD fees, unauthorised OD charges ......

Or would you rather they hadn't done so and charged you for your lack of money management?

andynwide

The question was are they allowed to do it? Am not so sure

Gordon_Hose

Yes, they are. It's the rule of set off.

Messed my link up, so try again: http://www.moneysavingexpert.com/banking/setting-off

TeamNicholson

yes they can. Setting off as described above. Its also in the terms and conditions of your account. It does save you paying 25gbp for each dd returned though!

BlushingRose

Might be wise to move your saving account to a bank unconnected with your current one if you don't want them to do it again

talana

andynwide wrote: »

The question was are they allowed to do it? Am not so sure

Yes they are allowed as others have confirmed.
But my point is still, in this case, the alternative would be you get charged £25 a pop (or whatever the HSBC charge happens to be for your account) is unpaid direct debit fees.

You said "some" direct debits. Let's guess that means three, they've saved you £75.

Learn the lesson, manage your money better!

Leon_Telford

Thanks for the advice on here I created an account with a different bank to where my debt is with.

Its a useful little tip.........