Protecting Clients Funds in Bank AccountsPresentation to ：保护客户的资金在银行accountspresentation来.pptVIP

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Protecting Clients Funds in Bank AccountsPresentation to ：保护客户的资金在银行accountspresentation来.ppt

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Protecting Clients Funds in Bank AccountsPresentation to ：保护客户的资金在银行accountspresentation来

Protecting Clients Funds in Bank AccountsPresentation to Legal Services Programs Ohio, Michigan West Virginia Margot Saunders National Consumer Law Center May 1, 2009 Resources National Consumer Law Center, Banking and Payments Law (4th Ed. 2009) upcoming, Chapter 11. National Consumer Law Center, Collection Actions (1st Ed. 2008), Chapter 12. Involuntary Takings from Consumers’ Bank Accounts Garnishment Set Off Security interest Garnishment Judgment creditor – to satisfy judgment uses state authorized procedure to require bank to seize funds in the consumer’s bank account Bank initially freezes the account. Consumer must generally obtain a court order to recover use of the funds Consumer asserts funds are exempt by law. Set Off Depository Bank – holding Consumer’s account Uses statutory, common law and/or contractual right of set off to pay— amounts owed to that bank for another debt (e.g. a car loan or a mortgage) an overdraft bank fee any other reason Security Interest Independent Party -- takes a security interest in the consumer’s bank account. When the consumer defaults on an obligation, the party seizes the bank account as its collateral. This method is not widely used and even less frequently enforced. Consumer Protections from Bank Account Seizures Some laws relate specifically to funds in bank accounts Other laws provide that funds received from certain sources are exempt Exemption continues after funds are deposited Issues – Exempt Funds By Source State or Federal laws which provide protections for funds from a particular source, e.g. – wages Pensions Social Security payments Are commingled funds still traceable – commingling with -- non-exempt funds in consumer’s bank account, with the funds of another person Issues – Funds in Bank Accounts State law that protects a certain amount of funds in a bank account, irrespective of the source of those funds? Does a state wild card exemption protect funds in the consumer’s ban