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User Name:
SoCal
(member since 6/11/2009)
Posts:
1 Question and 1 Answer
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Financial Advisors
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While legally banks are not supposed to, banks are required to dip into the account when they are re...
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While legally banks are not supposed to, banks are required to dip into the account when they are requested to garnish on behalf of certain creditors. Unfortunately, your Social Security money is probably deposited directly into your checking account and therein lies the problem, i.e., banks don't know which funds are Social Security deposits and which funds are regular deposits. If you have deposits from funds other than Social Security, it would be best to open up an account just for the Social Security. If in fact a bank does take the funds in your account (not knowing they were Social Security) you will be able to get them back but it will take some time as there will be a freeze on the account. Please know that your Social Security will not be protected if you owe back taxes, or are delinquent on child support (which doesn't seem to have a statute of limitations). I hope this helps; I know the answer seems to be yes and no but there are caveats.
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