Changes to HBOS Group Banking Licence

[Dusary]

HBOS GROUP = Bank of Scotland, Halifax, Birmingham Midshires & Intelligent Finance.

Have you noticed that in the little leaflet sent with your Statement(s) recently, this little paragraph comes at the end?

 

 

"Are there any other possible impacts on me?

 

The only other possible impact is if you have both borrowings and deposits with us and go into arrears. At present, in common with other banks, if payments are overdue on an account (such as a loan or a credit card) and you have money in another account (such as a bank or savings account) with the same company, the account conditions may allow us to take the money you owe us out of your other account. After the appointed day (17 September 2007), if the account conditions or general law allow it we may take the money from any account you have with Bank of scotland plc, including any of its divisions."

 

 

It always pays to read the small print, guys!

[REST ON A SUNDAY]

Interesting

[Chris2121]

they cant do this surely would be theft

[Stornoway]

Its the legal principle of "set off" - all above board from a legal perspective. Once Lloyds and HBOS merge the same thing will eventually apply to accounts beyween HBOS group and lloyds