How long is a garnishment against a bank account (or an account at another credit union) good for?
A. A garnishment against a bank account is good only at the moment it is delivered. It generally affects whatever funds are in the account and available for withdrawal by the member at the time the bank or credit union receives the garnishment. Keep in mind that funds that can be traced to a deposit of social security benefits are not subject to garnishment. Other assets not subject to garnishment include Individual Retirement Accounts (IRAs) and 401(k) plan funds. It is important to note that funds will generally not be available to the extent that withdrawal was restricted prior to the garnishment being received. (This is identical to what occurs when your credit union has a loan secured by shares where access to the shares was blocked when the loan was made.) Keep in mind that if your judgment was obtained due to a past due credit card account, you should obtain a garnishment order against savings in your own credit union to avoid possible Truth-in-Lending problems. Q. How long is a
