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ABC BANK PROTECTION FROM BANK FREEZES
Collectors in New York state once had to tenaciously track down each delinquent debtor’s bank, asking one branch bank after another in the debtor’s neighborhood to search its files. When they found the branch where the person banked, they then would request the bank to freeze the account. Thanks to a 1999 state law, however, collection lawyers in New York now have access to a list of every bank’s customers and can electronically freeze a bank account with the click of a computer mouse. Debt Counsel for Seniors and the Disabled has successfully developed a way to guarantee the protection of our clients bank account by a recent affiliation with the ABC Bank of Chicago. Why ABC Bank Will Prevent Bank Freeze Since the creation of DCSD in 1998, we have found that a number of our clients suffer great hardship when a debt collector freezes their bank accounts. In the past, we have struggled to assist our clients whose accounts were frozen. While federal law protects exempt income, such as your benefits, from being garnished, many banks will go ahead and still freeze an account. In most instances, we have been able to release the freeze but only after considerable effort on our part. Obviously, these freezes cost those DCSD clients involved even more hardship because of bounced checks and significant bank fees for the overdrawn accounts. DCSD is pleased to announce that the ABC Bank, has agreed to allow our clients to open a checking account and have their benefits directly deposited. By having an account with ABC Bank they can live without fear that a creditor who has a judgment against them and will be able to freeze their account. |
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