OFAC FAQ 34

Can my bank deduct service charges from the account?

Length: 66 wordsOfficial source
Question: Can my bank deduct service charges from the account? Answer: Generally yes. In most cases (excluding Iraq, for instance) OFAC regulations contain provisions to allow a bank to debit blocked accounts for normal service charges, which are described in each set of regulations. The charges must be in accordance with a published rate schedule for the type of account in which the funds are maintained.
OFAC FAQ 34: Can my bank deduct service charges from the account? | Justis AI