Bank Levy

Bank Levy is term that refers to frozen bank account where the money is taken away from an account holder. It happens when a account holder do not pays debts or taxes.
The bank levy is usually used by government agencies like IRS. It is used for the collection of taxes which are unpaid. The bank account is frozen and gets the money of account holder which is equal to unpaid tax. When an account goes under bank levy, an account holder has no accessibility to the funds entire the payment of whole debt or tax.

 

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