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Garnishments of Federal Benefit Payments: What a Banker Needs to Know

This webinar provides participants with the federal rules that are applicable when processing garnishments on deposit accounts receiving federal benefit payments.

OnDemand
Recorded Wednesday,
January 31st, 2024
Presented by Terri D. Thomas
2h total length
$299.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Bank Legal Counsel
  • Compliance Officer
  • Deposit Operations Manager/Specialist

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On May 29, 2013, the U.S. Department of Treasury, along with several federal agencies including the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board, and the Office of Personnel Management, published the Rule on the Garnishment of Accounts Containing Federal Benefit Payments. The rule supersedes the laws of many states pertaining to how financial institutions process garnishments. It also impacts the processing of state and local tax warrants served on deposit customer accounts.

Participants will learn about the federal requirements and best practices used in processing garnishments on accounts containing federal benefit payments, as well as the areas where violations occur.

What You'll Learn

  • Requirements for processing garnishments and state tax levies under the rule
  • Terminology that applies
  • The detailed steps financial institutions need to take when processing garnishment and levy requests
  • Examples of how the rules impact garnishment
  • Model language and sample forms when providing notice pursuant to the rules

Who Should Attend

Compliance officers, legal counsel, and financial institution personnel who process garnishment answers will benefit greatly from this course.

Terri D. Thomas

Instructor Bio

Terri D. Thomas, JD is the Director of the Kansas Bankers Association Legal Department, which specializes in providing compliance and legal assistance to Kansas banks.

Terri has worked with financial institutions for over thirty-nine years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. She has also served as a trust department manager and branch manager.

Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988. She has served as an Adjunct Professor at Washburn University School of Law in Topeka, Kansas and the University of Kansas School of Law in Lawrence, Kansas, and is a frequent seminar presenter for financial associations in the Midwest.

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