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#2242305 - 09/11/20 12:54 AM eLevy
Natasha T Offline
Junior Member
Joined: Nov 2012
Posts: 32
California
Hello,
I just started working for an FI that received eLevies.
When it comes to COD FTB levies and on the day we receive Levy account does not have sufficient balance to satisfy it.We are required to submit funds in 10 business days and on the day after we receive the Levy, deposit is made.
Question is- do we remit the funds that were available in the account on the day we received the Levy or on the day we are remitting the Levy. Basically, should we be placing a hold on the balance of the account that is available on the deposit as of Levy receipt date or for the full balance of the Levy in case more funds come during 10 business days?

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#2242309 - 09/11/20 01:35 PM Re: eLevy Natasha T
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,596
Galveston, TX
A levy attaches to the monies in the account at the time it is served on the bank and not to future deposits. If you have any questions, you should call the FTB to confirm or consult your legal counsel.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2242335 - 09/11/20 05:53 PM Re: eLevy Natasha T
Natasha T Offline
Junior Member
Joined: Nov 2012
Posts: 32
California
Thank you!
What about bank Levy processing fee?
We did not charge it at the time we pledged the funds, as account balance did not satisfy the levy. However, at the time of Levy remittance, there was enough balance to charge the processing fee, can we charge it?

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#2242336 - 09/11/20 06:24 PM Re: eLevy Natasha T
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,596
Galveston, TX
Charging the accountholder a fee for the service of a levy is between you, your accountholder and your depositor's agreement and TISA disclosure. You need to satisfy the levy - what you do after that is up to you.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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