Account Lien Tips

Video Transcript

"This is financial adviser Patrick Munro talking about removing a lien from a checking account. It's important to realize that you have a responsibility when you have a checking account, to make sure that everything is paid up to date. That you don't bounce any checks. That the account is left liquid relative to the amount of bills that you pay. However in life, if you run up against a situation where you become responsible for things beyond your control, the creditor has the right to put a lien or a charge on your account, so that you cannot write checks until they are paid first. Matter of fact, the biggest creditor of this type of strategy is the IRS. If you don't pay your taxes, they will put a lien on your account, and the financial institution will make sure that there is no money going forward unless it goes to the IRS, in that instance. To avoid any liens on your accounts, make sure you are responsible with your affairs, make sure you pay your bills on time, and make sure that all things are handled accordingly. Of course if you should find yourself in a situation where you have a lien on your checking account, pay off that obligation and the lien will be removed. If it does get removed, make sure you get the removal in writing from the creditor going forward. This is financial adviser Patrick Munro talking about how to remove a lien from a checking account."