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Garnishment of Accounts Containing Federal Benefit Payments Policy

$100.00

The purpose of this Garnishment of Accounts Containing Federal Benefit Payments Policy Template is to address how a 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.

Description

Garnishment of Accounts Policy

The purpose of this Garnishment of Accounts Policy Template is to address how a 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
  • Audit Policy – Topic 8
  • Staff Training – Topic 9
  • Retention of Documentation – Topic 10

Includes the following form template:

  • Model Notice to Account Holder (1 page)

This Garnishment of Accounts Containing Federal Benefit Payments Policy Template (approximately 10 pages) is available to purchase from BankPolicies.com in Microsoft®Word format for $100.00.

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