03/10/2014
What is the recommended retention period for Levies and Freezes processed by the financial institution?
07/08/2013
Can a tax levy be placed on a trust account if the SSNs are the same?
04/08/2013
We received an IRS Levy on an account and the account receives a direct deposit from Social Security. Can we debit the account for and send the funds to the IRS?
02/18/2013
Do you have any kind of sample letter sent to members informing them that their assets have been frozen?
01/21/2013
When receiving a non IRS levy, what is the banks compliance responsibility to these? They are from local collections firms, and do have court orders attached.
12/17/2012
Does an IRS levy exempt Social Security benefits, Social Security disability benefits, V.A. benefits etc?
08/20/2012
A customer has $400 in their checking account when an IRS levy in the amount of $5,000 is placed on their account. A hold is placed on the account for $400.00. A few days later a ACH credit of $5,000.00 is deposited into the account. The bank has placed a hold of $400.00 on the account and restricted the debit card use to $0. Is that allowed since the account has a collected balance of $4,600.00?
08/13/2012
On 6/25/12, we placed a hold on a customer's account balance for $484.65 at the time an IRS Levy (total request of levy-$5578.64) comes in. On 6/29/12 ACH deposit comes in for $ 5,024.03. Can we restrict the customers access to the funds via his debit card for the full balance of account?
12/12/2011
We recently received a Notice of Levy on a customer from the IRS. Can we take the levy proceeds from their IRA?
01/17/2011
Are funds held as collateral exempt from an IRS levy, or do these funds need to be included in the bank's response to the IRS levy received?