right of offset

1. 1.

   (banking) the legal right of a bank to seize deposited funds to cover a loan that is in default

   Broaderlegal right

   banking · law

Questions about right of offset

What does right of offset mean?

right of offset means "(banking) the legal right of a bank to seize deposited funds to cover a loan that is in default".

Is right of offset a common word?

right of offset is banded "Rare" — specialist or archaic — most readers will not have met it. The band comes from how often the word appears in a large corpus of everyday English, not from an editor's impression.