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Home >> Accounts >> Checking Accounts
'Right' of Offset for Charged-off Amount?
I want to know if it is legal for a bank to open a checking account after advising me that I didn't owe them anything, and then it does a right to offset for an old balance that had been charged off over three years ago? I think this situation was sneaky. I am now at a loss for almost $500 and my bills are suffering from it.
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 It sounds to us that you were concerned that you might owe the bank money, and asked about it. If the bank representative was unable to find anything outstanding because he or she missed something, we can understand the mis-communication. In such a case, it would have been better customer service, we think, for a bank representative to contact you about the oversight and attempt to arrange a repayment program rather than summarily scoop the funds under a right of offset.
On the other hand, if the bank representative actually saw that you still had a charged-off balance outstanding and hid that from you in order to get the deposit, we question the representative's ethics (and the bank's, if it condones such tactics).
We clearly don't know the facts to support either argument, so we can't say whether the bank's actions were "sneaky." We do think the matter could have been handled better, under either set of facts.
Published on BankingQuestions.com 12/15/09
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