Exercising the Right of Setoff Against Deposit Accounts

Collections Compliance Frontline & New Accounts IRA Lending Operations

On-Demand Webinar:

StreamedFeb 20, 2024Duration90 minutes

Unlimited & shareable access starting two business days after live stream
Available on desktop, mobile & tablet devices 24/7
Take-away toolkit
Ability to download webinar video
Presenter's contact info for questions

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Setoff is one of the remedies that can be used to collect past-due loans.

But do you understand the steps that must be taken before this right can be exercised? What are the legal requirements? Which accounts are subject to set off? What if there are multiple owners? Learn the details, best practices, and methods with this informative webinar.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Explain the legal requirements that must be satisfied before setoff is permitted
Understand the differences between a contractual right of setoff and a common law right of setoff
Distinguish the right of setoff from the foreclosure of a security interest, and when it is best to use each
Determine when your institution can set off without violating the legal rights of other parties
Identify which accounts are subject to setoff

WEBINAR DETAILS

Your institution has a common law right to set off a depositor’s account for a debt the depositor owes to your institution if certain legal requirements are satisfied. In addition, your institution may have a contractual right of setoff, depending on the wording of your deposit contracts. If a debtor defaults on a loan, when can your institution apply money from the debtor’s deposit account to pay past due loan amounts? This webinar will explain the legal requirements that must be satisfied, and the specific steps that your institution must take, before exercising the right of setoff. This webinar also will explain what happens if an account has multiple owners and how to handle accounts which are being garnished by other creditors.

WHO SHOULD ATTEND?

This informative session is designed for any employee involved in the deposit or collection departments, such as deposit operations staff, loan operations staff, collectors, attorneys, compliance officers, auditors, and managers.

TAKE-AWAY TOOLKIT

Checklist of items that must be satisfied before right of setoff is permitted
Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.