Mississippi Code Title 81. Banks and Financial Institutions § 81-14-367

(1) A savings bank shall have a right of setoff, without further agreement or pledge, upon all deposit accounts owned by any member or customer to whom or upon whose behalf the savings bank has made an unsecured advance of money by loans. Upon default in the repayment of satisfaction thereof, the savings bank may cancel on its books all or any part of the deposit accounts owned by such member or customer and apply the value of such accounts in payment of such obligation.

(2) A savings bank which exercises the right of setoff provided in this section shall first give a thirty-day notice to the member or customer that such right will be exercised. Such accounts may be held or frozen, with no withdrawals permitted, during the thirty-day notice period. Such accounts may not be canceled and the value thereof may not be applied to pay such obligation until the thirty-day period has expired without the member or customer having cured the default on the obligation. The amount of any member's or customer's interest in a joint account or other account held in the names of more than one (1) person shall be subject to the right of setoff provided in this section.

(3) If a savings bank shall proceed in good faith as provided in this section, but it is later determined that the savings bank was not entitled to have held or set off funds, then the savings bank's sole obligation shall be to return the funds to the member's or customer's account, together with interest at the rate that would have applied if the account had not been held or set off. The savings bank shall not otherwise be liable for any costs or damages. This section is not exclusive, but shall be in addition to contract, common law and other rights of setoff. Such other rights shall not be governed in any fashion by this section.