I have a natwest credit card which is over the limit and am currently paying it through their legal department.I have just discovered they have withdrawn money from my current account to reduce this balance.Can they do this without my permission?
2007-12-02 11:24:34 · 12 answers · asked by roughntumble71 1 in Business & Finance ➔ Personal Finance
I wouldn't think so. i had a bank account and credit card with nat west, and i got over on mine, and they didn't do that to me.
Even though they are your bank, i shouldn't think that they can enter into it and withdraw your money, this is theft.
For all they know, you might have other financial commitments for your money, and by them withdrawing it, setting you behind on other bills/payments you have.
Surely this isn't allowed i'm sure, but if you ever have any doubts, look up the banking regulators details oline, and contact them.
They set the rules and legislations for banking organisations, and will help you out
2007-12-02 11:37:34 · answer #1 · answered by Gethin555 1 · 0⤊ 0⤋
Even though you are working with the original credit on resolving your delinquency, I'm sure your CC company uses the FDCPA as a standard on collecting debts. The FDCPA requires that all 3rd party collection agencies notify your in writing at least 10 day prior to any automatic or scheduled withdrawal from a bank account (or deposit of a verbal/electronic payment). While this may not be standard practice for them as they are the original creditor (the bank that actually issued the credit to you) they are governed by US Banking Regulations. Banking regulations require the consent either verbally or in writing for each draft from an account. If you verify your records and are sure that you did not authorized a withdrawal, then the credit card company and its bank are in violation of Banking Regulations. You need to contact your bank immediately and dispute the transaction, advise them that it was unauthorized. Then contact your CC company and let them know that the payment is being disputed as they did not have your authorization to draft the account. The two organizations should then handle the situation amongst themselves.
2007-12-02 11:44:03 · answer #2 · answered by ? 1 · 0⤊ 0⤋
If you have another account with them that has money in it, they very likely can - it's probably somewhere in the fine print of the terms and conditions for the credit card.
2007-12-02 11:33:54 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
no, they cannot withdraw money from your account without your permission...go thru all your papers and make sure you didn't unknowingly authorize this...if you did not, go to your bank and file a complaint and then notify them to STOP....you might have to close that bank account and open another one, as a lot of creditors don't care about laws....
good luck!
2007-12-02 11:30:14 · answer #4 · answered by misstiaemail 3 · 0⤊ 0⤋
Yes, but they should at least notify you ..
NB. now you know why it is generally a good idea NOT to have all your accounts with the same Bank ..
2007-12-02 18:33:48 · answer #5 · answered by Steve B 7 · 0⤊ 0⤋
yes they can and some times if some customers get in debt with their personal account and they have a bussiness account they take the money from the business account to cover it!
2007-12-03 15:06:49 · answer #6 · answered by Swansea 3 · 0⤊ 0⤋
read the terms you signed for card if it in there if not i would 100% say no as long as you have gave no verbal or wriien permission
2007-12-02 11:29:40 · answer #7 · answered by mickbhall 3 · 0⤊ 0⤋
I would think this could be regarded as an illegal transfer. Contact the Banking Ombudsman.
2007-12-02 11:41:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes they can. We had it done to us with another bank. It is in the small print
2007-12-03 01:51:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, you forgot to read the small print!
2007-12-02 18:22:15 · answer #10 · answered by Anonymous · 0⤊ 0⤋