| Noun | 1. | right of offset - (banking) the legal right of a bank to seize deposited funds to cover a loan that is in default |
If you missed my post a couple weeks back on your bank’s right of offset – you should be aware that if you have your checking account, auto loan and/or mortgage at the same bank and you get delinquent on one of your loans, the bank can step in an take the money from your checking account to meet the delinquency. It’s called the ‘Right of Offset’ and they don’t even have to let you know they’re going to do it or that they even did it. You won’t know until your other checks start to bounce. This can be a real clusterbomb if you’re in the middle of a short sale or foreclosure.
You might want to think about moving your money.
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