Navigation

Bank Levy

A bank levy is what happens when your bank account gets frozen while the money in your account gets taken away from you. This normally happens when you do not pay your taxes or debt.

Normally, it is government agencies (like the IRS) that make use of a bank levy, using it to collect unpaid taxes. They will freeze your account and they take money equal to the amount that is owed. When you account is under a bank levy , you will not have access to your funds until the entire debt is paid back.

Back to Forexpedia Main Page

"What you think of yourself is much more important than what others think of you."
Seneca
Clicky Web Analytics