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Are written policies and procedures required?

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Does our bank have to have a written policy or procedures for handling garnishments?

There is no requirement that there be a written policy or procedures. However, because a failure to manage these claims efficiently or correctly can result in legal and financial liability for the bank, developing a written policy and procedures is a reasonable goal.

Learn more about John Burnett's
Managing Third-Party Claims for Funds and Information webinar.

First published on 02/25/2024

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