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Has your institution implemented proper procedures for handling garnishments and levies? Institutions handle these complicated legal processes daily, but many do so without the proper training, which can expose the institution to significant liability. This webinar will explain the steps necessary to properly handle garnishments and levies, such as identifying accounts, placing account holds, answering interrogatories, notifying the accountholder, and remitting funds. You will also learn the special garnishment procedures for accounts that receive federal benefit payments. In addition, this webinar will explain the steps your institution must take when attempting to garnish borrower’s funds held at another institution.
HIGHLIGHTS
What are the risks and how can they be mitigated?
When are you required to notify the accountholder?
What if your institution holds a security interest in the funds?
What if an account is held by more than one person or by a trust, sole proprietorship, corporation, etc.?
What are the special garnishment procedures for accounts containing federal benefit payments?
What steps must be taken to garnish funds held at another institution?
TAKE-AWAY TOOLKIT
Official Guidelines for Garnishment of Accounts Containing Federal Benefit Payments issued by the Department of the Treasury
Sample notice form to be sent to accountholders
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Deposit operations personnel, tellers, account service representatives, collectors, compliance personnel, auditors, attorneys, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP, a partner where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
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