can a bank transfer money from one account to another without my authorisation?

Question

I have two accounts with a bank, can they transfer money from one account to the other without my authorisation

Answer 1

Hi Jiggy,
Yup, they can.
Mr Barclay recently shifted a small amount from my deposit account to my current without so much as a phone call.
Upon questioning this internal transaction, I was informed that it is standard policy, so as to keep the current one "topped up"
I was dismayed.
Hold on I spake, you are borrowing my money at the end of the day, so stop fiddling with it without authorisation.
A great shrugging of shoulders at the other end.

I may well take my cash and poke it back into Standard Chartered. - at least they do what they are told.

All the best with them.

Bob.

Answer 2

At the risk of being repetitive, yes they can.

If one of your accounts is overdrawn, the bank has the right to recoup this loss should you not repay the OD. Most times (I'm a banker), I will place a hold on the other account until the customer repays the OD. This way, if the account owner does not repay the OD, we avoid a charge-off and loss by having the funds held. At that point we would xfer the money and close the account at a zero balance.

Answer 3

Bank of America is CLASSIC for doing that. They have no legal right to take any money out of your acount unless you have signed up for ACH which is when you give then authorization to withdrawl money to pay a loan/cc but they have to have a signed document stating the day of the month and the amount they are allowed to take out. The most they could do would be to freeze your account until the CC was paid, but even then, CC's are usually through a different company and not directly from the bank. Definitely talk to a customer service rep about it.

Answer 4

No they cannot. Money can only be transferred between accounts if the account holder has given authorisation (direct debit, cheque, payment etc). Even if both are in your name, they are seperate accounts and this should be noted.

Answer 5

Only if you go overdrawn on one account without authorisation or telling them first or if more funds are needed to process a payment you have made - if they were to do that though you would probably find they would contact you to tell you or decline the payment because of lack of funds.

Answer 6

No, they must have your authorisation BUT check the small print about topping up one account from another in order to avoid an overdraft.

Answer 7

They can because one of your accounts was overedrawn. So, if your checking account has a negative balance, then they will transfer money without your notice to cover what your checking account don't have the funds.

Answer 8

Not normally unless you have some agreement with them to transfer if you are in an overdraft situation or have agreed to move money from say a checking to savings account monthly. But without those and your consent, no they cannot.

Answer 9

i guest yes they can , the money you had on your account is transfer on your other account i guest you sign formalities of agreement with the bank before they opened your account ,all they did is transfered your money to your own account so be happy maybe they did it so that both of your account stay open if there no money on someone's account normally the bank have the right to close it.

Answer 10

I only know of three circumstances where this could happen:

1. You give express permission
2. You have some sort of overdraft protection agreement on file
3. The bank received some sort of garnishment order from a court, and is attempting to pay for it by any means necessary.