What Everyone Needs to Know About the Right to Set-Off UNAUTHORIZED TRANSFER
A lot of people take out loans at the same bank where they save their money. It’s just easier to keep track of your finances when all your money is coming and going from the same place. Unfortunately, few people realize that if they fall behind on those credit card, loan, or mortgage payments, their other accounts may be up for grabs. In order to pay off your debts, most banks have the right to transfer money out of your checking or savings account without your permission. This is called “setting-off,” and if you are already in financial trouble, this unexpected blow can cause a world of nightmares. Let’s say you set up direct deposit to your checking account at Bank of America, and you also have a Bank of America credit card. If you fall behind on your payments and end up owing $500 on that credit card, without warning, Bank of America can reach over and pull money out of your checking account to cover the costs. The bank can use any money Good News Romans 12:1-2 “I beseech you therefore, brethren, by the mercies of God, that ye present your bodies a living sacrifice, holy, acceptable unto God, which is your reasonable service. And be not conformed to this world: but be ye transformed by the renewing of your mind, that ye may prove what is that good, and acceptable, and perfect, will of God.”
you have deposited with them — either in checking or savings accounts — to pay off your debts. Banks don’t often use their right to set-off, except in extreme circumstances. If you are just one month behind on your credit card payments, you probably don’t have to worry about money suddenly disappearing from your checking account. However, if you’re already in financial trouble, having the bank unexpectedly take your money can be devastating. For example, let’s say you have $800 in your checking account to make your mortgage payment, and the bank takes $300 to cover your credit card bill. When the automatic mortgage payment attempts to take the money out of your account, there’s not enough and your payment bounces. Now you have to pay fines for the bounced payment, you’re in mortgage arrears, and your house is in jeopardy.
The most obvious way to avoid suffering from having your account set-off is to stay on top of your payments, but changes in circumstances don’t always make that a possibility. If you are worried about your accounts being set-off, you can also keep your debts and your checking/savings accounts in separate institutions. That said, if you are in such a stressful financial situation that your accounts could be set-off, it’s time to seek professional help.
Holiday Roast Prime Rib Recipe of the Month
Looking for an easy holiday roast that still feels elegant enough for the occasion? Look no further than this delicious prime rib flavored with garlic, thyme, and red wine.
Ingredients • 1 bone-in prime rib (6–7 pounds) • 8 cloves garlic, thinly sliced • 2 cups red wine Directions 1. 30 minutes before cooking, remove roast from fridge and let sit until it reaches room temperature. 2. Heat oven to 350 F. 3. Make small slits in prime rib and stuff with slices of garlic. Liberally season with salt and pepper. 4. Place a rack inside a roasting pan and roast prime rib for 2 hours, until medium-rare.
• 4 cups beef stock • 1 tablespoon fresh thyme, chopped • Salt and freshly ground pepper, to taste
5. To make au jus, place roasting pan with drippings from roast over 2 burners on high. Add wine and scrape pan as liquid reduces. Add beef stock and cook until reduced by half. Finally, sprinkle in thyme. 6. Slice roast and serve topped with au jus.
Inspired by Food Network
Call today – 205-705-3590 3.
Made with FlippingBook flipbook maker