Garnishment of Accounts Policy Containing Federal Benefit Payments

$125.00

This Garnishment of Accounts Containing Federal Benefit Payments Policy Template 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.  See more information about this product below.  Looking for other types of garnishments?  See our Legal Processes Policy Template.  In addition, we recommend adding a Product Update Protection Plan to your shopping cart to ensure you automatically receive an updated version of this policy template every time it is revised by us via e-mail within one year from the date of purchase.

Garnishment of Accounts Policy Containing Federal Benefit Payments

This Garnishment of Accounts Policy Containing Federal Benefit Payments Template 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 Containing Federal Benefit Payments Template (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 Template.

Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.

When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.

Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.

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