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Taking Offset from Business Account - Legal?

I am behind on my mortgage personally, and I have a corporate account at the same bank. Can the bank go into my business account and take out money?


Untitled

Setoff will apply based on ownership. Likely the company owns the funds in the deposit account and not you. It doesn't matter that you own the company either in whole or in part.

To avoid any disagreement, discuss payment arrangements with your lender. With an agreement in place, they'd have no need to look for any deposits.

Published on BankingQuestions.com 4/09/10