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Using setoff at the teller window

Question: 
When a former customer who left owing us money shows up at the teller window to cash a check written to him by one of our account holders, can we seize the proceeds of the check to go toward what we’re owed?
Answer: 

No! FDIC labeled such action a UDAP violation, and that’s only part of what’s wrong with it.

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Learn more about Mary Beth Guard’s webinar Can you use setoff?

First published on 06/07/2020

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