KEN WILLIAMS
RED OAK,#2Consumer Suggestion
Sun, December 13, 2009
THE RIGHT OF OFFSET Allows a bank or financial institution to withdraw funds from a positive account you own to offset an overdrawn account within the same bank or institution.
It does not allow the bank to draw funds from YOU or any other bank or financial institution to offset an overdrawn account.
You presented a check to the bank made payable to you for them to CASH not to DEPOSIT.
Remember, the Right of Offset only allows a bank to withdraw funds from a positive account you own to offset an overdrawn account or debt you owe to the bank within that same banking institution.
There is no FDIC law that requires the bank to take a check you have
for cashing, and require that it be deposited instead.
You should first send the bank a certified letter demanding that $100 plus the amount you suffered because they kept your money. If they do not give it back to you, then you should file a complaint with The OCC. (The Office of Comptorller of Currency) You can find them at : (((Redacted)))
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The bank was within scope by taking funds from your personal account to offset your business account. The LLC protection only protects your personal assets in the case the business folds. In other words lets say that you owe GE Capitol under your business and they file law suit against you and win, they can not take money you have in your personal account to offset the money you owe them.
THE RIGHT OF OFFSET Allows a bank or financial institution to withdraw funds from a positive account you own to offset an overdrawn account within the same bank or institution.
It does not allow the bank to draw funds from YOU or any other bank or financial institution to offset an overdrawn account.
You presented a check to the bank made payable to you for them to CASH not to DEPOSIT.
Remember, the Right of Offset only allows a bank to withdraw funds from a positive account you own to offset an overdrawn account or debt you owe to the bank within that same banking institution.
There is no FDIC law that requires the bank to take a check you have
for cashing, and require that it be deposited instead.
You should first send the bank a certified letter demanding that $100 plus the amount you suffered because they kept your money. If they do not give it back to you, then you should file a complaint with The OCC. (The Office of Comptorller of Currency) You can find them at : (((Redacted)))
Brandon
Eden,#3UPDATE Employee
Mon, June 08, 2009
First off the right to offset (which is disclosed to you in the packet you get when you open your account) states that the bank has the right to offset any negative account you own by any positive account you own. I think filing as a business only protects your personal accounts from outside sources but I'm not sure about that. Next is the right to collect, if you present cash or a check with your name on it to the bank and you owe the bank money then the bank has every right to take that money and apply it to your balance. They probably didn't take tax money cause they were direct deposited and even if it was for you and your husband the bank only sees it as a deposit from the IRS no name is attached to it on the banks end. As far as the hold goes I'm not sure what you're talking about the longest hold that can be places on a check is 11 business days now counting weekends that would be 15 days. I'm not sure where you got 21 unless some of the weekdays were federal holidays then it would be more than 15 days. Hopefully everything has been straightened out with your accounts by now.