08/27/2012
Tax Levy-- Can the bank charge their fee of say $100.00 when they receive the levy and then place the lockout on the account for what is remaining in the account? Or could we take the account negative for the fee after 21 days?
05/14/2012
Does an IRS tax levy apply to protected funds? Our depositor receives SSI into their dda account.
04/23/2012
If we have placed a levy against an account, how does it get revoked or removed? Is there specific documents that we must receive in order to do so?
08/08/2011
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?
07/18/2011
Levy-related: The IRS provides an alternative on Form W-9 for individuals to provide an SSN or an EIN. I believe FIs are required to obtain an SSN for an individual as her/his TIN and so the issue is not applicable from an FI perspective. As a non-FI in a trade or business receiving W-9s where an individual has opted to provide an EIN rather than an SSN, a levy may identify an individual by SSN such that we cannot guarantee that the levy is for the same individual (two people with the same name). Giving the volume of levies that FIs deal with, I am hoping you may have guidance regarding the identification of the taxpayer in the circumstance I have described.
07/04/2011
Does the new rule on Garnishments of Accounts containing federal benefits payments, apply exclusively to claims titled 'Garnishment' or do those titled Levy, Citation, etc also need to be included in making determinations?
05/16/2011
Is an IRS Levy considered a Garnishment by the United States, or is a Writ of Garnishment by the United States simply when the US is the creditor? In other words, do IRS levies fall under the new rule?
01/12/2009
Who owns an uniform transfer to minor act savings account, the minor child or the custodian?
11/15/2004
When accepting a tax levy or garnishment, are we out of compliance with the RFPA if we do not have the person serving the documents initial the document?
09/06/2004
If a customer has a line of credit and the bank receives a notice of levy and there is not enough money in the checking account, do we offset the line of credit for the additional amount?