Event Calendar

Tuesday, February 20, 2024

Webinar: Exercising the Right of Setoff Against Deposit Accounts

Start Date: 2/20/2024 9:00 AM MST
End Date: 2/20/2024 10:30 AM MST

United States 

Your institution has a common law right to set off a depositor’s account for a debt the depositor owes to your institution if certain legal requirements are satisfied. In addition, your institution may have a contractual right of setoff, depending on the wording of your deposit contracts. If a debtor defaults on a loan, when can your institution apply money from the debtor’s deposit account to pay past due loan amounts? This webinar will explain the legal requirements that must be satisfied, and the specific steps that your institution must take, before exercising the right of setoff. This webinar also will explain what happens if an account has multiple owners and how to handle accounts which are being garnished by other creditors.


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