When it comes to your banking, there is something called a ‘set off’ clause which means the banks can set off with your money. This clause is something you need to be aware of when saving for your wedding. It basically means that banks have the right to take money straight from your bank account without your permission to pay off any existing debts. This is a huge risk when it comes to wedding planning especially given that many brides opt to take out loans prior to their big days. If you’ve taken out a loan and your parents are thinking about gifting you a large sum to help you pay off your wedding, be very wary. If they pay it directly into your account, the banks are well within their rights to take it to pay off your loans elsewhere.
Thousands of brides have been caught out across the country when their proud parents have gifted them generous amounts of money to finalise key elements of their wedding day only for the banks to take the funds away and leave the brides wondering how they’re going to pull off their dream day with no money! This can happen even if you have a repayment plan and agreement in place which is why thousands of brides have been caught off guard and have been left absolutely inconsolable.
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