Collection Actions: 15.3.11.2 How the Rule Operates
The rule applies to state and federal banks, credit unions, and any other entity chartered under federal or state law to engage in the business of banking.454 Upon receipt of a garnishment order against an account holder, the bank must review all accounts owned by that individual to determine whether any of the specified federal benefits were electronically deposited during the preceding two months (the “look-back period”).