Bank Garnishments are a serious topic we must talk about when we consider the area of wage garnishment.
What do you do with bank garnishments when the bank has garnished the money in your checking account? What do you do when you find out there is no money left in your bank account and you do not have sufficient funds available? Is this legal, and does the bank have the right to garnish your bank account?
Watch this video for what you need to know.
When the bank takes money out of your account because of a garnishment, it means the bank has received this garnishment from someone who has a judgment against you and has been given the right through the judgment to garnish your account. The bank is then able to take all of the money in your account and put a freeze on it until the garnishment issue is settled.
Many times you find out a freeze has been put on your account before you receive a letter informing you of the garnishment. It is important that you immediately talk to anyone you have issued payment to via check, credit card, or debit card since you are responsible for any late fees or overdraft charges. Many times payment is issued because you think you have funds in your account to cover the charges and then you are surprised to find that your account is frozen and you owe late fees and overdraft charges.
It is important to note that you have a right to object to the bank garnishment, but you must do so in 30 days. We want to help you through this process. We will talk to the bank and the garnisher on your behalf to help sort through this issue. We can call and talk to the company who sent you the garnishment to work out a payment plan so they can release the garnishment from the bank and you can pay it over time. This process helps with cash flow, keeps your bank account active, and prevents it from being empty right now causing extra charges on your account.