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Garnishment of Accts for Federal Benefit Payments

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Question: 
Does the new Garnishment of Accounts for Federal Benefit Payments pertain to consumers and not businesses? Normally, a business will not receive any of these Federal payments. Are we still required to do the two month review for documentation when we receive a levy on a business?
Answer: 

If you receive a garnishment order against a natural person, you must first determine whether that person is an account holder of an account to which an electronic payment may be directly routed. Review the definitions of account and account holder in Section 212.3.

Note that an account under these definitions could be a sole proprietorship account.

First published on BankersOnline.com 8/8/11

First published on 08/08/2011

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