If an account is negative do you have the right to set off? For example: if a customer owes for a safe deposit and the payment is due, we take the payment out on a Wednesday knowing they will have a direct deposit on Friday.
Deceased member just got their tax return. Can I apply that to their loan if death is default in our loan agreement?
If a bank closes a sole proprietor account and now the customer's personal joint account has funds, can the bank offset to satisfy this charged off debt?
Our customer had a regular checking account that was overdrawn. San we debit a health savings account to cover our loss then close the regular checking account?
If we cashed a check for a customer and the check is returned to us and they have no funds at the time, can we place a hold on the account until such time as a deposit is made. I don't believe Regulation CC applies because the check was not deposited and I thought if we offset it was a one-time charge.
I am questioning the below scenario. I have heard from more than one of my business customers that this is common practice at other financial institutions: A large business customer, who just so happens to have his payroll account at another financial institution, wants his employees (non-customers) to be able to cash their payroll checks (drawn on another financial institution) at your bank. Is this something that is done commonly? Does the bank have any legal recourse in the event a payroll check is returned? Could we exercise a right of offset from the accounts the business customer does have with the bank even though it’s not the account the check is drawn on?
I received a garnishment summons on a customer's personal and business accounts. Most of the accounts were overdrawn, save for one account that had roughly $10,000 in it. Can the bank use that $10,000 to bring some of the overdrawn accounts to a zero balance instead of setting it aside to the garnishment?
If a deceased owner on a checking account has a loan with our bank, can we take the funds in the checking account to offset the loan? There are two other owners on the joint checking account
Can I exercise a right of offset against an account for which the debtor is named a Pay on Death beneficiary?
If we have a representative payee account and the ward on this account comes to the bank with a check made payable to himself, and wants to cash it, what right of offset do we have? If this were to be a bad check, could we charge it back against the account, since the ward is the owner of the account?