Right of Offset

2 topics · 3 sources

Banking

Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off.

The Office of the Comptroller of the Currency — Dictionary of Banking Terms and Phrases
Office of the Comptroller of the Currency, U.S. Department of the Treasury — Dictionary of Banking Terms and Phrases retrieved 2014-05-16

Business› Finance

Personal Finance

Financial institution's legal right to seize funds a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off.

National Credit Union Administration — Pocket Cents Glossary retrieved 2014-05-16