Q: My bank moved my money from my savings to my checking to pay for a different bank payment. Is this allowed?
I had a car payment due today from Santander. I use Wescom and have a savings and checking account. I moved money out of my checking (the account that was connected to Santander for automatic payments) and into my savings, so I wouldn't be charged today from Santander as I am behind on payments. But, Wescom charged my savings the Santander bill, even though my savings is NOT connected to Santander in any way. Is this allowed? Please help. The money that was taken was for my rent...
A:
It is common for multiple accounts with the same financial institution to be linked in order to prevent unnecessary overdraft fees.
It is legal but must be part of your account agreement with the financial institution.
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A: You should review the terms of your account agreement or contact your bank for clarification. They can explain their policies on transfers and automatic payments. Reach out to them directly to discuss the situation and seek a resolution.
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