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#610052 - 09/07/06 02:25 PM WUTMA and Right of Offset
SHORT STUFF Offline
Member
SHORT STUFF
Joined: Feb 2004
Posts: 67
WISCONSIN
We have a WUTMA account that was abused by the custodian and overdrew the account. The custodian has another account with us with funds in it sometimes. Can we use the other account to offset her NSF WUTMA account? I've looked in the State Statues, but can't find where they talk about any right of offset.
Thanks for your help!!

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#610053 - 09/07/06 02:52 PM Re: WUTMA and Right of Offset
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,973
Galveston, TX
I would say no, but you should ask your attorney.

Why do you continue to bank this person?
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#610054 - 09/07/06 02:59 PM Re: WUTMA and Right of Offset
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
FWIW I would tend to agree with Randy, but I can't site a regulation for it. It seems that I remember this being a no-no. Also I agree that I would close the accounts.
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Going to church doesn't make you a christian any more that standing in your garage makes you a car.

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#610055 - 09/07/06 03:10 PM Re: WUTMA and Right of Offset
SHORT STUFF Offline
Member
SHORT STUFF
Joined: Feb 2004
Posts: 67
WISCONSIN
I don't always agree with the accounts we hang onto and those we let go, but I'm not in that position.
I had a feeling that it was a no-no. I didn't want to do it, and then get in trouble later. Or not do it, and find out we could have.
Thanks!!

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#610056 - 09/07/06 04:11 PM Re: WUTMA and Right of Offset
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
That is was attorney's are for. They protect your tail.

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#610057 - 09/12/06 04:07 PM Re: WUTMA and Right of Offset
Reed Offline
Diamond Poster
Reed
Joined: Sep 2005
Posts: 1,251
West Coast
Here are a couple articles from the "vault" that might help.

http://www.bankersonline.com/operations/gurus_op061603a.html
http://www.bankersonline.com/compliance/gurus_cmp0806o.html

FWIW I agree with the other posters.

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#610058 - 11/03/06 10:05 PM Re: WUTMA and Right of Offset
02bonne Offline
Platinum Poster
Joined: Nov 2005
Posts: 620
Quote:

We have a WUTMA account that was abused by the custodian and overdrew the account. The custodian has another account with us with funds in it sometimes. Can we use the other account to offset her NSF WUTMA account? I've looked in the State Statues, but can't find where they talk about any right of offset.
Thanks for your help!!




214.575(2)

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