A bank account levy happens when somebody seizes assets in your bank account. If you owe money and cannot reach an agreement with a creditor, they may use a bank account levy to collect what you owe. Your account will be frozen, and your money may ultimately disappear.
Bank Account Levy Basics
You may find yourself with a bank account levy after negotiations have broken down with creditors. It’s a brute force way of taking money, and they generally try other methods first. However, a bank account levy is a real risk when things go bad.
Learn more about where they come from and what you can do:
You can open new accounts and try to run from a bank account levy, but you can’t hide for long; creditors will levy those accounts as well.