Banking/ The right to offset

[Tjune2006]

What is the name of your state? Texas\
My late father added myself to his account (Airforce Credit Union). He died 12/21/2005, he also had a credit card with the same institution which he had a debt. I submitted his death certificate to the institution so that I could close this account. I called to find out the balance of the account one week later and found that the card department took every cent out of this account to pay the debt owed without notification. They said they have the right to offset. My question is I was a joint account holder wouldnt this account belong to me? Also, should I seek a lawyer in getting the funds back. I asked to see a copy of this right to offset and no one at the credit union can provide it.

[seniorjudge]

Originally Posted by Tjune2006

What is the name of your state? Texas\
My late father added myself to his account (Airforce Credit Union). He died 12/21/2005, he also had a credit card with the same institution which he had a debt. I submitted his death certificate to the institution so that I could close this account. I called to find out the balance of the account one week later and found that the card department took every cent out of this account to pay the debt owed without notification. They said they have the right to offset. My question is I was a joint account holder wouldnt this account belong to me? Also, should I seek a lawyer in getting the funds back. I asked to see a copy of this right to offset and no one at the credit union can provide it.

Your pa's written agreement no doubt allowed them to do this.

Insist on getting a copy of that agreement.

[Veronica1228]

Originally Posted by Tjune2006

What is the name of your state? Texas\
My late father added myself to his account (Airforce Credit Union). He died 12/21/2005, he also had a credit card with the same institution which he had a debt. I submitted his death certificate to the institution so that I could close this account. I called to find out the balance of the account one week later and found that the card department took every cent out of this account to pay the debt owed without notification. They said they have the right to offset. My question is I was a joint account holder wouldnt this account belong to me? Also, should I seek a lawyer in getting the funds back. I asked to see a copy of this right to offset and no one at the credit union can provide it.

Most Financial Institutions list their right to offest in their disclosures. I'm sure the Credit Union does have something that they can provide to you. Right to offset is not only common, but I've never heard of an FI who did not have it. As long as they can provide something to you, they were definitely within their rights to take the funds.