Setoff meaning

sĕtôf, -ŏf
Something, such as a decoration, that sets off something else by contrast.
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Something that offsets or compensates for something else; a counterbalance.
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A counterclaim that reduces or discharges the amount owed to a claimant.
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A flat projection, as from a wall; a ledge.
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A thing that makes up for or sets off something else; counterbalance; compensation.
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A counterclaim against the plaintiff by the defendant arising from a cause of action other than that she is being sued for; a reduction in the amount of a settlement by the amount the debtor is owed by the creditor. See also counterclaim and cross-claim.
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(finance) The situation where a bank or similar organisation repays itself money owed by an accountholder out of his or her account.
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Origin of setoff