Set-off clause
The bank may include a set-off clause in the terms and conditions of the account, meaning that it can draw on the account balance to settle an overdraft or other debts with it.
For the bank to be able to draw on balances in this way:
- The clause must be included in the terms and conditions of the account whose money may be used.
- The account holders must have been informed from the outset about possible offsetting, in a transparent, clear, precise and simple manner.
- In the case of joint accounts, the account holders must have been informed about the possibility that their money may be used to offset debts of any of the account holders.
FREQUENTLY ASKED QUESTIONS
Can I withdraw cash at a branch other than where my account is held?
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How can I move my account from one bank to another?
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