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If a bank account has a levy on it, is the account frozen?
I have direct deposit through my employer, will my pay check get kicked back or will it get deposited into a frozen account?
Thanks
2 Answers
- ninasgrammaLv 71 decade agoFavorite Answer
Have the direct deposit stopped or you will lose access to your pay. The deposit will go in but you won't be able to get it out. That's what "frozen" means.
- DJLv 51 decade ago
A levy means the IRS has told the bank you owe the IRS money, so the bank has frozen the money in your account. Any new monies that are added to your bank account get thrown into the freezer with the original amount.
The bank has to sit on the frozen amount for a set time period - this gives you a chance to get the levy lifted. If the levy is not lifted, then the bank will send the money to the IRS. If the amount you owe the IRS in not satisfied, then any new money that gets deposited in your account will also be frozen and sent to the IRS.
