Garnishments Of Federal Benefits Flashcards

1
Q

Applicability - Garnishments of Federal Benefits

A

Applies only to Federal benefits paid electronically via ACH

  • don’t have to examine accounts to identify Federal benefits paid by treasury check (they are coded in ACH file, so they’re searchable)
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2
Q

Covered Transaction Types - Garnishments of Federal Benefits

A

1) social security
2) supplemental security income
3) veterans benefits
4) railroad retirement benefits
5) civil service retirement, etc.

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3
Q

Requirements - Garnishments of Federal Benefits

A

1) Determine the sum of protected Federal benefits deposited into account during 2 month period
2) Ensure the account holder has access to an amount equal to that sum or the current balance of the account, whichever is lower

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4
Q

Exemptions from coverage - Garnishments of Federal Benefits

A

IRS payments and child support get paid 1st and are not subject to these rules

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