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Treasury Issues Guidelines on Garnishment Rule

Posted on 3/14/2011

The Treasury Department's Financial Management Service on Friday released guidelines for the garnishment of accounts containing federal benefit payments. The guidelines are intended to help banks understand and comply with the joint interim final rule on garnishment that five agencies issued on Feb. 23.

The rule establishes procedures banks must follow when they receive a garnishment order against an account-holder who receives certain types of federal benefit payments by direct deposit. The rule will become effective May 1, but the agencies are accepting comments on it through May 24. Read the guidelines. Read the interim final rule.

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