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Bank Levy

TradingKeyTradingKey19 hours ago

A bank levy occurs when your bank account is frozen and the funds within it are seized. This typically happens when you fail to pay your taxes or debts.

Usually, government agencies (such as the IRS) implement a bank levy to recover unpaid taxes. They will freeze your account and withdraw an amount equal to what you owe. While your account is under a bank levy, you will not have access to your money until the entire debt is settled.

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