The right to offset is a clause that lenders can add to certain financial contracts, which lets them withdraw funds from your account to cover a debt you owe, as long as it’s held by the same institution. They can also do this without a court order or your permission.   Wage garnishment is a similar legal procedure that allows a third-party creditor to take money from your bank account to pay your debt. However, they must first get a court order that assigns a regular portion of your wages to the creditor until your debt is paid.