Learn The Rules For Handling Garnishments!

A financial institution that receives a garnishment order must seize assets, including funds on deposit, to settle an unpaid debt.

Among other things, it must perform an account review to determine whether there is a "protected amount" that is exempt, freeze the protected amount, then seize any unprotected funds up to the amount of the order to tender those funds to the creditor.

The course covers garnishment orders, customer notices, fees, considerations for closing accounts, record retention, consequences for noncompliance, as well as how to determine the "lookback period" for an account review and calculate the "protected amount" that is exempt from garnishment.What You'll Learn:After completing this course, students will be able to:

• Describe a financial institution's general responsibilities in identifying federal benefit payments that are covered by 31 CFR 212.6 - Rules and procedures to protect benefits
  
• Determine the lookback period for determining a protected amount
  
• Calculate the protected amount that is exempt from a garnishment order and the amount available for garnishment
  
• Explain considerations for the Notice of Right to Garnish Federal Benefits, continuing garnishment orders, customer notices, fees, closing accounts, record retention, and consequences for noncompliance

You have six months to complete the course and gain your printable certificate. Course Length: 40 minutes