Answers about the Right of Offset
Select from the following questions about banks' right of offset and withdrawing funds to cover a debt owed to the bank.
- May a bank take money from my deposit account to make a payment on a loan that I owe to the bank?
- What can I do if my bank took Social Security money from my checking account to pay on a loan that I owe to the bank?
- My Social Security check was deposited into my bank account. Before my check was deposited I wrote a check for an amount larger than what I had in my account, and the bank used some of the money from my Social Security check to pay the extra amount of the check that was not in my account plus the fee I was charged for making this mistake. May the bank do this?