OFAC Sanctions Compliance – Can my bank deduct service charges from the account?

Compliance > OFAC
Q:  Can my bank deduct service charges from the account?
 
A:   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. [09-10-02]
 
 
 
ADDITIONAL INFORMATION – This Q&A was included in the U.S. Department of the Treasury’s online Resource Center for OFAC - Sanctions Compliance, which may be found here:  https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_compliance.aspx
 

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