Summary:
The right of offset, also known as the right of setoff, allows banks and credit unions to withdraw money from your deposit accounts if you fall behind on payments owed to them. This right only applies to debts owed to the financial institution where you have accounts, such as mortgages or auto loans. However, it does not cover all loan types, like credit card debt. State laws can also limit the amount that can be withdrawn. Understanding this agreement is crucial to avoid unexpected withdrawals.
Additionally, maximizing Social Security benefits can provide a significant boost to retirement income, potentially adding up to $23,760 annually. Learning these “Social Security secrets” can help ensure a more secure retirement.
Read more at Nasdaq: 1 Right You Sign Away When You Open a New Bank Account