If you get a letter stating your bank account was going to be garnished when do they take the actual money out

Question

If you get a letter stating your bank account was going to be garnished when do they take the actual money out

Answer 1

Is this an IRS levy? If so, the bank holds the money for 21 days from the time they receive the notice of levy. It only attaches whatever money is in the account the day the notice is received and subsequent deposits cannot be included in the levy payment. However, some banks will freeze the entire account, not just the money in the bank when the notice was received.

If you enter into an installment agreement, the IRS is required to consider releasing the levy but is not obligated to do so. However, if a a financial analysis of your income and expenses indicates a hardship, they must release at least the amount that will relieve the hardship.

Answer 2

IRS will freeze your account immediately and then you will have checks bouncing all over the world.

Why don't you just request an installment agreement, IRS does levy or place liens because of non payment or you not making an effort to pay them.

Call IRS at 1-800-829-7650 and work out a payment plan.

IRS will garnish your wages also.

Answer 3

Are you kidding me? I know the IRS can garnished your money at the bank but before any of that take place I am 100% the IRS had wrttien you so many latters and everything to collect the money.Am I right on that?I own IRS money.I am making payment every month.If I can't make it I will just call them and let them no and no probelm.I just called 2 days ago told IRS I can't make and they ask for what month I told them next month and they told it's.So I have no worries.Maybe not too fast now since you question I am gonna go to bank and close my account.LOL.

Answer 4

just before you get the letter

Answer 5

Bank accounts are not garnished, they're seized.  The letter will tell you the period covered by the seizure order, it's source (court judgment, IRS, other tax authority, etc.) and the amount of the seizure.  The order typically covers a window of time, say 7 to 14 days (21 days for the IRS).  During that period the account will be frozen if there is not enough money in the account to satisfy the seizure in full.  Any money deposited to the account while it's frozen will automatically be taken to satisfy the seizure order.  Once enough money has been recovered to satisfy the seizure order the account freeze will be lifted.

Answer 6

Usually u get the money AFTER the money was taken....good luck with that...if they havent taken it already, go empty ur account and dont open a new one cuz they will find that one too

Answer 7

They freeze the funds at your bank for 21 days before the money actually gets sent to the IRS.

From the IRS web site:

If we levy your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days. This holding period allows time to resolve any issues about account ownership. After 21 days, the bank must send the money plus interest, if it applies, to the IRS. To discuss your case, call the IRS employee whose name is shown on the Notice of Levy.