Does there have to be a certain amount of money in the bank in order to place a levy on it?
There was a levy placed on my bank account and the bank charged a $75.00 processing fee. What would happen if there was not enough funds to cover the levy and the bank-processing fees?
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Comments (2)
Your account will go negative (overdrawn). The bank will charge a fee for this and then may keep on charging until you bring the account current.
Please be aware that if the bank closes the account, then you will not be able to open another account due to ChekSystems. So you need to open another checking accont now, before you will be unable to because of the negative credit with ChekSystems.
Be aware that moving money out of an account to avoid paying a levy can be considered fraudulent conveyance and this is a crime.
If you owe a ot of money, seek out the counsel of a BK attorney and a CPA.
A smart man named Chrisusc once said
“Your account will go negative (overdrawn). The bank will charge a fee for this and then may keep on charging until you bring the account current.
Please be aware that if the bank closes the account, then you will not be able to open another account due to ChekSystems. So you need to open another checking accont now, before you will be unable to because of the negative credit with ChekSystems.
Be aware that moving money out of an account to avoid paying a levy can be considered fraudulent conveyance and this is a crime.
If you owe a ot of money, seek out the counsel of a BK attorney and a CPA”
I would heed his advise
Justin