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Right of Offset - Definition/Explanation

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Question: 
Can someone please define or explain right of offset?
Answer: 

You will have to look to your state law as it will govern the right of offset (setoff). Basically it is the right of the financial institution to set off monies owed it by a customer from one of the customer's other accounts within the financial institution.

First published on BankersOnline.com 7/26/09

First published on 07/26/2009

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