Bank credited wrong account
We have three accounts with a high street bank: personal, business (farm) and a GFA (an agriculture-based investment scheme). We sold some cows and had a cheque for €20,000. We filled in a paying-in slip to put it in the personal account. They decided to credit it to the GFA one then took the money to pay off a loan that was overdue. They have agreed to return half to the account that should have been credited. Yes there was a debt on the GFA account (we had made offers to make payments) but were they acting legally by crediting the cheque to an account other than that specified? S.P.
Normally a bank cannot credit another of your accounts in preference to the one stipulated. A bank can, however, in some circumstances take credits to repay loans if they are overdue, but without knowing the precise terms of the loan, and of the accounts themselves, it is difficult to say. You would best be advised to see an avocat ensuring that you take all the details regarding the accounts, the loan and any the correspondence received from the bank.
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