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Have Your Say: Banks help themselves
Do you know exactly where your money is?
The Citizens' Advice Bureau is calling for banks to stop the practice of taking money out of current accounts to pay off other debts.
The organisation has seen a 25% increase in each of the last two years of banks using their little-known about "right of set off".
The consumer body argues that customers often have their benefits taken out leaving them unable to make more important payments.
The banking industry says it treats account holders sympathetically and that the onus is on the customer to let their banks know when they face difficulties.
Money Box, 14 February 2009: Banks help themselves
Have you - or someone you know - had money transferred between accounts without any notice? Do you think it is unfair for banks to move cash without talking to a customer? Maybe you feel they are perfectly justified in transferring funds as they see fit.
Do you know exactly where your money is?The Citizens' Advice Bureau is calling for banks to stop the practice of taking money out of current accounts to pay off other debts.
The organisation has seen a 25% increase in each of the last two years of banks using their little-known about "right of set off".
The consumer body argues that customers often have their benefits taken out leaving them unable to make more important payments.
The banking industry says it treats account holders sympathetically and that the onus is on the customer to let their banks know when they face difficulties.
Money Box, 14 February 2009: Banks help themselves Have you - or someone you know - had money transferred between accounts without any notice? Do you think it is unfair for banks to move cash without talking to a customer? Maybe you feel they are perfectly justified in transferring funds as they see fit.
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