question category: Debts in Scotland

Can banks close your account down making your authorised OD unauthoried

Submitted on: 29th Sep 2009 by Non-Member | Total Answers: 1

Ive got a 900 OD that will be clear in a couple of weeks, in the meantime can the bank close my account down and therfore change my authorised OD into an unauthorised one and thus charge me unauthorised overdraft

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: Can banks close your account down making your authorised ...

As far as i know a bank can withdraw a credit facility at any time. It would depend on the rules of your specific account so I would certainly encourage you to ask the bank about them.

The rule of offsetting allows a lender to offset any funds in an account against any debt you owe to them. Bank accounts get frozen all the time causing direct debits to bounce.

Ar Debt Advice Foundation we always encourage people to bank with someone they don't owe any money to. Its a great way of regaining control of your money.

Submitted on: 29th Sep 2009 by Darren Member

0
 

Post new comment

The content of this field is kept private and will not be shown publicly.
Type the characters you see in this picture. (verify using audio)
Type the characters you see in the picture above; if you can't read them, submit the form and a new image will be generated. Not case sensitive.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation