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Garnishment Rules: Including Accounts Receiving Federal Benefit Payments

Date: September 5, 2013

Time: 3:00pm - 4:30pm

Location: Webinar

[REGISTRATION INFORMATION]

Thursday, September 5, 2013

3:00 pm – 4:30 pm

A credit union has the right to setoff its member’s account if certain legal requirements are satisfied. This webinar will explain these requirements and will address the steps a credit union must take before it exercises its right of setoff.

If a member defaults on a loan, when can the credit union apply money from the member’s account to pay the loan? Does the member have to be notified before the credit union exercises its right of setoff? What if the member’s account has more than one owner? If the credit union receives a garnishment from another creditor, can the credit union setoff before honoring the garnishment? Learn the answers to these questions and more.

Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

    • Fundamental nature of the right of setoff
    • Differences between setoff and foreclosure of a security interest
    • Requirements the credit union must satisfy before setoff is permitted
    • Competing claims for the member’s funds – who wins?
    • How the automatic stay in bankruptcy affects the right of setoff
  • TAKE-AWAY TOOLKIT
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed for any credit union personnel involved in the deposit, garnishment, or collection areas, such as deposit operations personnel, collectors, attorneys, compliance officers, member service representatives, and managers.

PLEASE NOTE
Webinar content is subject to copyright and intended for your individual credit union’s use only.