"Right to Offset or Set Off" Information

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Question:

Where would I locate information regarding "Right to Offset or Set Off" Information, such as what types of accounts can the off set be applied against and any other information?

Answer:

226.12(d) of Reg. Z generally prohibits you from taking funds from a deposit account to a credit card account. Also, you cannot debit retirement accounts. While it is certainly best to include the right to offset in your contract, it should also be standard in your deposit agreement or signature card.

First published on BankersOnline.com 3/5/01