A bank's right to set off (offset) money it owes a customer against money the customer owes the bank — for example, using funds in an account to reduce an overdraft. A freezing order does not stop a bank from exercising a right of set off in respect of a facility it gave the respondent before being told of the order.
In Plain English
A bank's power to take money from your account to pay off a debt you owe them, like an overdraft. This can still happen even if your accounts have been frozen by a court order.
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