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There are other circumstances in which a bank could take money from your bank account to offset credit card debt. For one, the bank could go to court and get a judgment against you.
Banks can't take money from your 401(k) or IRA account, even if they supply the account. They can only take money from deposit accounts, like checking accounts, savings accounts, and CDs.
The government can seize money directly from a bank account. One way this happens is when there are large numbers of cash deposits that government investigators suspect are structured as a way to avoid deposits exceeding $10,000, since deposits greater than that amount must be reported to the federal government. But it can happen that ...
The bank or other financial institution will then turn over the money in the account to the government to pay down your tax debt. Asset levy: The government can take your assets, such as your ...
Congress has incrementally expanded the government's authority to disrupt and dismantle criminal enterprises and their money-laundering activities since the early 1970s. They have done this by enacting various anti-money-laundering and forfeiture laws such as the RICO Act of 1970 and the USA Patriot Act of 2001. The concepts of asset forfeiture ...
The available levies can include taking money from your bank account, seizing assets to sell and wage garnishment. If the IRS pursues wage garnishment, a portion of your paycheck will be sent ...
Money in the bank might take the form of numbers on a computer screen or rectangular stacks of green paper in a vault. Either way, people have been putting money in the bank for the same reason for...
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