Is this theft ?

[The Phantom]

We are currently in a dispute with Nat West bank about some finacnial difficulties we are experiencing
This has led to some direct debits being returned and overdraft exceeded etc
However, what Nat West did was to more or less clear out our savings account into our current account "to avoid us incurring charges"
If their charges are unlawful in the first place, would this not constitute theft ?
They have literally without asking transferred a substantial amount from our savings into our current account. Now our current account is still a bit of a mess and our savings are gone.
Is that legal ? Some of the money which was in our savings was sent from my parents in Germany and was meant for something else. It is gone now. Swallowed.
Can they do all this ?

[barracad]

It is a process called "off-setting" and whilst not very ethical, it appears to be legal.

[The Phantom]

:oWonderful - so we call it legal theft


Thanks for replying so quickly anyway. I am just surprised they don't have to ask your permission before taking your money, we all have to agree an overdraft if we want to use theirs ? (only joking, I know it's hard to fight the big boys and their small print)

[GSMGuy]

Have a good read through the T&C's of your accounts to see if this "transfer" is specifically mentioned - If not, then surely it's wrong?

Mike

[ian cognito]

.......And won't you be claiming it back anyway?

[The Phantom]

Originally Posted by janquinny

.......And won't you be claiming it back anyway?

Well, that's the point. It is not a penalty they have levied, they have taken my savings to prevent me from being charged their unlawful penalty charges if you see what I mean
So that they don't have to (unlawfully) penalize me they have cleared out my savings. And I don't know if I can ask for my savings back. I doubt it though
It's just gone into the black hole that is my current account never to be seen again

[Bookworm]

No, it's not

Well, it is at the moment, but when you get your charges back, you put them back in the savings account. Yes, it's annoying, but ultimately, its no big deal, as you'll get it all back and more... The part that came from your savings, you put back in the savings account, the rest will go a long way towards reducing your overdraft. Meanwhile, if it helps incurring less charges and interest, is it really such a bad thing? Low interest paying savings account v high interest charging o/draft. Mhhh....

[The Phantom]

Hi Bookworm

yes, you are of course correct when it comes down to the bottom line, but it nevertheless feels like robbery. Like someone coming to your house, going through your drawers and helping themselves to your money and then saying it is for your own good.
If you see what I mean.

[ian cognito]

Not only would I put it back in your savings account! I'd put it in another bank, that way they won't be doing it again in a hurry.

[gizmo111]

Unfortuneately they were both joint accounts - check here
BBA - British Bankers' Association - Understanding joint accounts