I have a question about a writ of execution. Our bank is in the state of Pennsylvania. If we receive a writ of execution on an individual and they have a joint account may we put a hold on that account if the other person is not listed on the writ of execution?
We received an IRS levy for an individual. We have no personal account, but there is an account where the individual is the sole owner on a business account and incorporated. Does the levy effect this account? And do the new Beneficial Ownership regulations impact this at all?
This individual is really using this as a personal account and even deposits Social Security checks into it.
Reclamations from the VA and SS are arriving late - funds are gone, the joint owner (spouse) already withdrew the funds. We fill out the notice when it arrives and explain "no funds." then months later they pop back in withdrawing the funds. Have you had any success in fighting this?
I received a levy for a member who receives SSI into their savings account. Can I send the funds from their checking account or are they still considered protected?
I am writing procedures for garnishments and have a quick question, is the "Notice of Right to Garnish Federal Benefits" only for consumer accounts?
When a bank receives levies/garnishments, can the bank put the funds that are on hold into another account to wait out the number of days noted on the notice? Or do the held funds have to remain in the account that it is coming from for the number of days noted in the notice?
Do local state tax levies apply to protected funds?
Is the escheat date on funds held on a garnishment 5 years from release date from the courts?
What is the recommended retention period for Levies and Freezes processed by the financial institution?
Are IRS Levies exempted from the Federal Benefit Payments ruling?