Banking Requests for Customer Information

Posted By: 52OPS

Banking Requests for Customer Information - 08/29/11 12:46 PM

Are Financial Intitutions required to respond to IRS Levy's and SSA e4641 information requests from the IRS and the Social Security ADministration? Or should banks require a subpoena before releasing customer information to either the IRS or SSA. My thought is that FI's are required to place holds on funds for IRS Levy's, but I'm not sure on SSA e4641 information requests?
Posted By: Doug Hendrickson

Re: Banking Requests for Customer Information - 08/29/11 01:54 PM

The SSA e6461 is actually a request from the customer, made through the SSA. If you read the language of the request, the requestor seems to have little choice: ask for the information or risk losing benefits. Apparently this is part of the agreement when you received funds from the SSA.