Bank levy is the situation when your bank account has been freezed by the bank authorities as you failed to pay out your debt obligations. This is a very extreme situation which prevents bank account holder to use his/her money for his expenses. Mostly, government agencies like IRS utilize the option of bank levy to use it for collecting UN paid taxes. The account holder has to pay out his/her all obligations to use the account in normal circumstances. Since , he/she is not allowed to use the funds like in normal circumstances. .
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