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Banks using the

Most banks have what is called a right to set off.  This means that your bank can transfer funds from your current savings bank account to pay you credit card or loan, your bank can access your account and take out relevant funds to make monthly payment.

So if you miss a payment on your credit card or loan payment the bank can access your account and retrieve the relevant funds.  The worst thing about this is they don't even need to inform you that they are emptying your account.  This can be particularly stressful if you are facing financial difficulty and only have enough to pay your priority debts like your mortgage or rent.

The good news is that you can do something today to prevent this ever happing to you.  You simply change your bank account to a bank to a bank that you are not in debt to.  All banks have basic bank accounts available so you can move to most high street banks quite easily.  Don't forget to change all your direct debts and standing orders over to your new bank account and inform your employer or the benefits office of your new account details.

If you which to get a list of the basic bank accounts that you could switch to, just call one of our advisors today on free phone 0800 121 48 63