Standard Bank immediately transferred the deposited funds to settle the outstanding amount in the student’s credit card account.Although Standard Bank had agreed to refund a portion of the money, the bank had maintained that it had a “common law” right to “set off”.
The common law setoff is applied when two persons owe each other and the debts are extinguished by setting them off against each other. At that time, the banks and the National Credit Regulator had been in dispute as to whether or not the National Credit Act prohibited the application of the common law principle of setoff.
This is no longer allowed under the NCA, so the banks no longer insert such a clause and, technically, cannot debit an account for a loan repayment unless the customer agrees beforehand.
mayaonmoney Best news of the day. Mashonisas will stop sticking their filthy hands into poor people's bank accounts.
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