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Savings not safe from Tsb bank
marybakers
Posts: 36 Forumite
in Credit cards
Hi all,just to remind you all,tsb bank has taken nearly £200 out of my savings account online to pay for my credit card which i owe the money too.Are they allowed to do this?Any help would be much appreciated.
0
Comments
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yep, im sure its called off setting.0
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Yes, it's called offsetting, if you have a positive balance in one account with a bank it can use this to offset against overdue debt from a different account.
I have got to ask why didn't you use the savings yourself to pay the credit card debt if it was due. I am sure the APR on the credit card would have been higher than anything you got in a savings account."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
I am finding it difficult to pay my credit card but this money was for another bill.0
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Setting Off Rules: Know Your Rights - MSE article.0
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