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Using setoff at the teller window

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?

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

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

First published on 06/07/2020

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