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are banks allowed to do this?
angelcake
Posts: 4,496 Forumite
Hi, I have 2 accounts with lloydstsb Are they allowed to just transfer money from one account to the other without my permission or even letting me know?
Angel 0
Comments
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Yes - it is called right of set-off. It's also been done if they were thinking of bouncing an item or incurring a charge (they claim they are trying to save you money)Gwlad heb iaith, gwlad heb galon0
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OMG! But its left the account they took the money from £200 overdrawn over the limit?! Angel 0
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You need to contact them to ask !!!!!! going onGwlad heb iaith, gwlad heb galon0
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Why was the money moved in the first place?0
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Lloyds do this usually to save a cheque being bounced for example (as mentioned higher up). They dont move it willy nilly.
Your account doesnt even make the radar unless something is flagged up which requires action.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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