Hsbc

Louling06

I've just got off the phone after having an arguement with someone from an HSBC call centre.
I checked my bank account using my internet banking to find that HSBC had taken money from my joint savings account and paid it into my joint current account to cover the overdraft. Are they allowed to do this?
The money in my joint savings account gets paid into my own account with HSBC to make the payments we have to make monthly. I tried to explain this to the lady I spoke to and she said that I would not get the money back.

jonesMUFCforever

Yes it is, its called a right to set off.

rheme

Again yes they can do it.

The way to stop them is to hold your joint savings account with a different bank/building society. This puts you in control of your money not them.

Why not put it in an ISA if you don't already have one or used up your allowance and get tax free interest as well.

deano8000

it sounds like they are actually doing a bit of customer service, if you were in your overdraft you would be earning debit interest or if your near your limit could be charged for exceeding? so by offsetting the savings saved you money.