Answer:
First, let's assume that the levy or garnishment is not one subject to the Treasury Department’s Garnishment regulation at 31 CFR Part 212. In that case, if the current day's ACH credits are available to the depositor under NACHA rules, they are available for the purposes of the levy, subject to state limits or protections.
If on the other hand the levy or garnishment is subject to the requirements of 31 CFR Part 212, and if the ACH credits in question are qualified benefits payments carrying the "XX" designation, and are received on the day of the account review, they are not counted as benefits transactions that occurred during the lookback period (because the lookback period does not include the date of the account review), but are considered part of the opening balance on the date of the account review.
Read through the excellent examples provided in Appendix C to the Treasury's regulation for illustrations of how to handle various scenarios if the levy or garnishment is subject to 31 CFR Part 212.
First published on BankersOnline.com 8/22/11
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