Garnishment of Accounts Policy
This Garnishment of Accounts Policy addresses how a bank, credit union, or other type of financial institution ensures proper adherence to the statutory provisions that protect federal benefits from garnishment in the event the organization is served a garnishment order against an account holder whose account a federal benefit payment has been directly deposited.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Initial Action, Account Review, and Protection of Federal Benefits – Topic 4
- Other Rights and Authorities – Topic 5
- Preemption of State Law – Topic 6
- Safe Harbor – Topic 7
- Consolidated Appropriations Act Applicability – Topic 8
- Audit Policy – Topic 9
- Staff Training – Topic 10
- Retention of Documentation – Topic 11
Includes the following form template:
- Model Notice to Account Holder (1 page)
This Garnishment of Accounts Policy (approximately 10 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
Looking for other types of garnishments? See our Legal Processes Policy.
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