Consumer Banking and Payments Law: 10.2.6.2 Debt Must Have Matured
A bank cannot exercise setoff unless both its debt and the consumer’s debt have matured. Maturity is not an issue with respect to the bank’s debt to the consumer, because the customer has a right to funds the bank holds in the consumer’s savings or checking account.
On the other hand, whether a consumer’s debt to the bank has matured will depend on the facts of the case. Ordinarily, the consumer’s debt to the bank matures on any of the following dates: