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#1653 - 05/08/01 03:56 PM Offset to a CD
Anonymous
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Another question regarding offset? A customer has a CD with the bank and is default on his credit card, could we offset the CD to obtain the funds to pay the credit card? Thanks/

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#1654 - 05/09/01 04:39 AM Re: Offset to a CD
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
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Toano, VA
No.
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#1655 - 05/08/01 10:03 PM Re: Offset to a CD
John Burnett Offline
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John Burnett
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Posts: 40,086
Cape Cod
You cannot offset ANY consumer's deposit account of any kind to pay a defaulted consumer credit card balance.
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#1656 - 05/09/01 07:59 PM Re: Offset to a CD
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
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Soaring over Georgia
The regulatory citation is Reg Z - 226.12(d). Keep in mind this only applies to consumer credit card debt. I believe that business credit card debt could be offset subject to contractual and state law issues.

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