Florida Bank Right to Setoff Law

Asked over 2 years ago - Ocala, FL

I was a sole proprietor that had a credit card and line of credit for my business with Bank of America in Florida. I also do my personal banking with them. I had to close my business and unfortunately had to default on my credit card and line of credit payments. Now they have taken the money that I owe out of one of my savings accounts that is actually an account for my son. I have several checking and savings accounts with them but they only took money out of this account, which I think is the only one that is not a joint account with my husband. Can they do this and is there a way for me to have them reverse this?

Attorney answers (2)

  1. Daniel Tam

    Pro

    Contributor Level 16

    Answered . Please review your account agreements to see what actions are permissible by the bank.

  2. Robert John Murillo

    Contributor Level 20

    1

    Lawyer agrees

    Answered . It is impossible to know if they can do this without review of the account agreements. Setoff rights are very common and normally allowable. So ask for the account agreements and review or get the assistance of a local attorney.

    This answer is for informational purposes only and is not legal advice regarding your question and does not... more

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