A legal process allowing a financial institution to remove funds from your deposit or share account to satisfy a debt that you have not paid. If you owe money to a person or company, they can obtain a court order directing your financial institution to take money out of your account to pay off your debt. Not all states allow garnishment actions.
- Browse Related Terms: Automated Clearing House (ACH), Automated Teller Machine (ATM), Error Resolution, Frozen Account, Garnishment/Garnish, General account, Joint Account, Margin account, Minimum Amount to Open, Point of Sale (POS), Right of offset, statement
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