March 31, 2011
Bank Customers Win One (Soon)
"Barring a last-minute assault from the banks, a federal rule to protect vulnerable Americans from overly grabby creditors will take effect on May 1.
The issue involves individuals’ bank accounts that contain Social Security payments for retirement and disability or certain other federal benefits for veterans, the poor, the aged and the disabled. By law, those sums cannot be seized by creditors to cover unpaid debts, a vital protection intended to shield close-to-the-edge recipients from financial calamity and to block creditors from acquiring taxpayer-provided benefits."
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