What is the recommended retention period for Levies and Freezes processed by the financial institution?
Can a tax levy be placed on a trust account if the SSNs are the same?
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?
Do you have any kind of sample letter sent to members informing them that their assets have been frozen?
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.
Does an IRS levy exempt Social Security benefits, Social Security disability benefits, V.A. benefits etc?
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?
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?
We recently received a Notice of Levy on a customer from the IRS. Can we take the levy proceeds from their IRA?
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?