A legal process that allows a creditor to remove funds from your bank account to satisfy a debt that you have not paid. If you owe money to a person or company, they can obtain a court order directing your bank to take money out of your account to pay off your debt.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This Definition- Browse Related Terms: Automatically Protected, Availability policy, Available Balance, Debit, Decedent, Deposit slip, Frozen Account, Garnishment, Garnishment/Garnish, Not Automatically Protected, Offset, Right of, Passbook, Right of offset, Uncollected funds
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