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worried_man

Right of Offset query

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I'm one of three trustees for a voluntary organisation. One of the other trustees has alerted me that his bank is about to invoke a Right of Offset process on his accounts. Our association's bank account is with another branch of the same bank. The trustee in question has never had any direct dealings with this account, but may well have been a signatory when the account was opened. Can the bank take money from this account to offset debts on his accounts?:?:

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In a word NO.

 

Check condition 3 on the following link

 

 

banking: firms' right of 'set off'

 

 

 

enamae


Please note: I have no qualifications in this area and any advice offered is given in good faith.

 

 

http://www.financial-ombudsman.org.uk/publications/Ombudsman-news/40/40_setoff.htm

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Many thanks for info. Very useful to know.

Cheers.

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