Creditors that have a court judgement against a debtor can have a savings or checking account frozen in order to garnish funds, states Nolo. Creditors can send attachment papers to a bank, which gives them the authority to take money out of an account. There are some legal limitations on the types of funds creditors can freeze.Continue Reading
Creditors are legally mandated by the U.S. Department of Treasury to avoid seizing a percentage of monies obtained from federal benefit programs, such as Social Security, states Cleveland.com. Under the law, creditors must leave at least two months worth of funds from benefit programs in an account. These funds are automatically protected from sudden account freezes. A bank that receives an attachment from a creditor must check the account for federal benefits before allowing the removal of money. Creditors are allowed to take money from these accounts, as long as it is above the two month limit.
Federal benefits that are not legally protected from credit freezes are child support money owed to government agencies, student loans and taxes, states Cleveland.com. Government agencies, such as the IRS, can freeze accounts without a court judgement. As noted by Nolo, it is best to avoid having a bank account frozen by making payment arrangements with creditors.Learn more about Banks
Some of the services available through Jamaican National Bank include mortgage services, the ability to open a savings account, which carries a money transfer card for use at ATMs, and various online banking tools, as of 2015. The bank also offers customers access to special discounts at various local merchants and businesses.Full Answer >
Bank of America's online banking provides 24/7 access to key services, which include viewing account balances, scheduling payments and transferring funds. The bank's mobile app expands the available online services by offering benefits such as digital deposits for personal checks.Full Answer >
Santander Bank, which was formerly Sovereign Bank but changed its name in October of 2013, offers many features online, including online bill paying, funds transfers between accounts, and access to information on the withdrawals and deposits made to the account. Santander Bank also has a mobile app.Full Answer >
According to Investopedia, a bank comfort letter outlines the ability of a person to pay their debts to a debtor. Banks use this letter to support a borrower's ability to repay a loan. Comfort letters are solvency opinions, not guarantees that the debtor will meet the obligations of the loan.Full Answer >