FDIC Federal Register Citations

Name:

ted munley

FDIC Certificate Number:

28633

Institution Name:

CLIFTON SAVINGS BANK

Address Line 1:

1433 van houten ave

City:

clifton

State:

New Jersey

ZIP Code:

07013

Phone Number:

(973)473-2200 x112

Fax Number:

(973)473-6368

Email Address:

tmunley@cliftonsavings.com

I'm responding to the FDIC's request for comments concerning
garnishment of exempt federal payments.

Currently, the IRS lists the reasons or type of payments that they will
not garnish on the reverse side of their levy. When notifying customers
that a levy was received we instruct them to contact their attorney and
review the levy to ascertain if they are exempt. If they feel they are
exempt they are instructed to contact the Agent on the levy to have it
released. The IRS replies very quickly by fax to release the levy.
Therefore, i think all garnishments should have the same list as the IRS
levy notifying the public that certain payments are exempt.

To place that burden on the financial institution is unreasonable since
we cannot determine if all the assets are exempt from garnishment.
How do you determine if a customer deposited part of his social
security check. If we freeze it we're hurting the customer, if we do not
freeze it we can be liable to the creditor.

If i have not sent this to the correct department please forward it or
contact me by email or @973-473-2200.