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  • #1

    Can one bank take owed money from another bank account??

    Hi guys,

    Just a quick question regarding bank accounts and debt.

    Basically I owe a fair amount of an overdraft on a Halifax current account but I have just recently opened a Co-op bank account as a sort of buffer zone account for some money I received.

    My question is can Halifax (or any bank other than Co-op) just dip into my new Co-op account and take money to pay themselves?

    If this is the case then I will move the money I have to my dad's account to be on the safe side but if there's no chance of this then I'll leave it be.

    I would appreciate any thoughts on this..

    Thank you!
    Tags: account, accounts, bank, bank account, bank accounts, banking, banks, co-op, co-operative, current account, debt, halifax, income, independent, isa, lloyds, money, overdraft, owed, pay, rbs, safe, tesco, thank you, the co-operative, virgin
  • #2
    Re: Can one bank take owed money from another bank account??

    Right of set-off only applies across banks in the same group. No bank can start pilfering money from accounts which are outside of their own umbrella organisation.

    If this was not the case, there would be no point in opening “parachute accounts” to protect our income, but that is the first step everyone in debt should take.

    You've done the right thing.

    SH

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    • #3
      Re: Can one bank take owed money from another bank account??

      Hi ScabHunter,

      Thank you for the excellent and quick reply, I really appreciate it!

      There are other organisations I do owe some money too which I hope are outside of the Co-ops umbrella and they are:

      MBNA (cc)
      Tesco (cc)
      Creation (cc)
      Virgin (cc)
      Halifax (cc)

      (Yes, I'm in a right old mess)

      Hopefully none of these guys can take any money from my co-op account?

      Cheers!

      Comment

      • #4
        Re: Can one bank take owed money from another bank account??

        Nope, nobody is linked to the Co-Operative (the name says it all).....

        MBNA is independent
        Tesco is part of RBS
        Creation is independent
        Virgin is MBNA
        Halifax is part of Lloyds Banking
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

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        • #5
          Re: Can one bank take owed money from another bank account??

          Thank you never-in-doubt, you have just made my evening

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          • #6
            Re: Can one bank take owed money from another bank account??

            Originally posted by Never-In-Doubt View Post
            Nope, nobody is linked to the Co-Operative (the name says it all).....

            MBNA is independent
            Tesco is part of RBS
            Creation is independent
            Virgin is MBNA
            Halifax is part of Lloyds Banking
            Thought Tesco had "gone it alone" now and parted company with RBS?
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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            • #7
              Re: Can one bank take owed money from another bank account??

              Originally posted by oscar View Post
              Thought Tesco had "gone it alone" now and parted company with RBS?
              Not 100% is it..... like Virgin, just not quite independent yet
              I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

              If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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