Right of offset: how the bank can take all of your wages

Updated
Bank of England
Bank of England

Right of offset is a little known legal instrument which gives banks the right to take what you owe them directly from your pay cheque.

For a lot of people, the last week of the month means one thing: payday. But what would happen if you tried to withdraw money only to find that the bank had requisitioned all of your wages? Think about the implications: no money for paying the bills, food, fuel, anything.

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