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Date : Nov 10, 2008 Question Hi, I hold a icici bank credit card and i have a saving account with icici bank. I have not paid the out standing balance of my credit card for 6 months due to personal reasons. So when my savings account got money , the bank it self has deducted the outstanding of my icici credit card, with out my notifying me. Do the banks have right to deduct the outstanding of same bank credit card for its savings account holder? Answer
The bank has a legal right to adjust all dues outstanding to it against any other balance that may be lying with it and due to the same consumer. Legally speaking they do not have to consult you before making such an adjustment. However as a normal courtesy most banks will issue you a notice about the amounts outstanding to it before they make such an adjustment. However as already mentioned this is not a legal requirement. |
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