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Can a company take money back from your account?

  • 14-04-2008 6:06pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    Say I take out a loan. I give my direct details.

    Then they lodge the loan into my account.

    Can they change their minds and take the money out once it goes in?


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    That's a bit of a grey area. First of all when you get a loan you'd be giving them your current account details anyway, so it's not like you can avoid giving your account details and then leg it with the cash. What is the circumstance here exactly?


  • #3
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Is your bank account with the people whom gave you the loan. Yes, some more back ground will help.


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    As above and as above!


  • #5
    LouOB
    Closed Accounts Posts: 1,181 ✭✭✭LouOB


    No one has a right to debit your account unless they have your written permission
    ie standing order or direct debit - full stop


  • #6
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    LouOB wrote: »
    No one has a right to debit your account unless they have your written permission
    ie standing order or direct debit - full stop

    No, wrong. There are plenty of situations where a BANK can remove money from your account. Its in the small print of the T&C's. As for 3rd party companies yes they need your permission.

    We await the OP's response here to clarify who did it.


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  • #7
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Nobody took money from my account, I never said they did! Appriciate I could have given more info or an example though !

    Say I have a BOI current account and I got a loan from Rabo. Rabo approve the loan and transfer the money into my account. Can they then take this back for any reason?


  • #8
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    Do you mean if you stop making payments on it or something? No. They'll have other ways of getting back though.


  • #9
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Say I have a BOI current account and I got a loan from Rabo. At the same time I'm also waiting on a response from AIB for a loan. Rabo approve the loan and transfer the money into my account. Can they then take this back for any reason?

    So that it would be safe enough to tell AIB that I don't need the loan now, but thanks very much .. without having to back track if Rabo took the money back?

    I don't know why Rabo would take the money back ... change of mind maybe? Or whatever..


  • #10
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Not unless you planned to buy a shipment of coke or something outragous like that. :D


  • #11
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,804 ✭✭✭GerardKeating


    LouOB wrote: »
    No one has a right to debit your account unless they have your written permission
    ie standing order or direct debit - full stop

    Yeah, but most likley in the T&C of the loan, one gave them permission.


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