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Q: A levy was just placed on my bank account. Can they levy my prepaid Visa, too?


By Scott Springer

Mon, Jun 11th, 2012
Posted in All Ask the Expert

Springer & Gumbel, P.A.

507-765-3600 • www.scottspringerlaw.com

A:
Yes. Prepaid credit cards are just like a savings account. In fact, several prepaid cards are now paying interest on money placed into the card account. Any debt owed to you can be garnished or levied, with relatively few exceptions. A bank account can be thought of as a demand loan that you make to the bank, meaning the bank must repay it to you upon your demand, subject to the conditions of your account agreement. The difference between a savings account and a prepaid credit card is the way in which you demand your repayment. To a creditor, however, they are identical for purposes of a levy.

If you are having problems with creditors, Springer & Gumbel offers consults regarding debt adjustment or repayment strategies and bankruptcy. If you’re having problems collecting money owed to you, Springer & Gumbel can help you with that, too.

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