First American Bank

★☆☆☆☆
  • 33 W Monroe St Ste 2

    Chicago, IL 60603

    Map & Directions
  • 312-795-3000

About First American Bank

Hours
Mon. - Fri. 9am - 5pm;Sat. - Sun. CLOSED

Finance

Finance
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I may be one of the few people who actually reads the small print notices companies send to me about policy changes or privacy policies. But I am. I got one from First American Bank a couple of weeks ago, and the policy now states that depositors agree that FirstAm can garnish Social Security benefits to pay other debts. This is a direct violation of Section 207 of the SS Act:
---Quote:---
Section 207 of the Social Security Act (42 U.S.C. 407) protects Social Security benefits from assignment, levy, or garnishment. However, the law provides five exceptions:

* Section 459 of the Act (42 U.S.C. 659) allows Social Security benefits to be garnished to enforce child support and/or alimony obligations;
* Section 6334 (c) of the Internal Revenue Code (26 U.S.C. 6334 (c)) allows benefits to be levied to collect unpaid Federal taxes;
* Section 3402 (P) of the Internal Revenue Code allows beneficiaries to elect to have a percentage of their benefits withheld and paid to the Internal Revenue Service to satisfy their Federal income tax liability for the current year;
* The Debt Collection Act of 1996 (Public Law 104-134) allows benefits to be withheld and paid to another Federal agency to pay a non-tax debt the beneficiary owes to that agency: and
* The Tax Payer Relief Act of 1997 (Public Law 105-34) authorizes the Internal Revenue Service to collect overdue federal tax debts of beneficiaries by levying up to 15 percent of each monthly payment until the debt is paid.
If a creditor tries to garnish your social security check, inform them that unless one of the five exceptions apply, your benefits can not be garnished. You also may want to provide this same information to your financial institution and seek legal assistance if you believe it is needed.
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It is infuriating that this bank would try this, esp. in the current climate and sentiment about banks. I will be closing my account and contacting SSA and Ill. Attorney General.

0
★☆☆☆☆

I may be one of the few people who actually reads the small print notices companies send to me about policy changes or privacy policies. But I am. I got one from First American Bank a couple of weeks ago, and the policy now states that depositors agree that FirstAm can garnish Social Security benefits to pay other debts. This is a direct violation of Section 207 of the SS Act:
---Quote:---
Section 207 of the Social Security Act (42 U.S.C. 407) protects Social Security benefits from assignment, levy, or garnishment. However, the law provides five exceptions:

* Section 459 of the Act (42 U.S.C. 659) allows Social Security benefits to be garnished to enforce child support and/or alimony obligations;
* Section 6334 (c) of the Internal Revenue Code (26 U.S.C. 6334 (c)) allows benefits to be levied to collect unpaid Federal taxes;
* Section 3402 (P) of the Internal Revenue Code allows beneficiaries to elect to have a percentage of their benefits withheld and paid to the Internal Revenue Service to satisfy their Federal income tax liability for the current year;
* The Debt Collection Act of 1996 (Public Law 104-134) allows benefits to be withheld and paid to another Federal agency to pay a non-tax debt the beneficiary owes to that agency: and
* The Tax Payer Relief Act of 1997 (Public Law 105-34) authorizes the Internal Revenue Service to collect overdue federal tax debts of beneficiaries by levying up to 15 percent of each monthly payment until the debt is paid.
If a creditor tries to garnish your social security check, inform them that unless one of the five exceptions apply, your benefits can not be garnished. You also may want to provide this same information to your financial institution and seek legal assistance if you believe it is needed.
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It is infuriating that this bank would try this, esp. in the current climate and sentiment about banks. I will be closing my account and contacting SSA and Ill. Attorney General.

Pros: Had good HSA accounts

Cons: New policies violate Federal law

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I lost my bankcard while out of town. First, no customer service on the weekends. Additionally, they wouldn't order a new card and hold it at the branch for when I returned to town. While I appreciate the security measure (verifying my identity at the bank branch), I was without a cash card/debit card for 6 days while out of town and then had to go to the branch and am now waiting ANOTHER 7-10 days processing time because they wouldn't order the card until I came in. Worse yet, many banks will give you a temporary ATM card so you can at least access your account while waiting for your debit card (no such luck here). Also, once the card comes in, I have to return to the branch to reset my password.

0
★☆☆☆☆

I lost my bankcard while out of town. First, no customer service on the weekends. Additionally, they wouldn't order a new card and hold it at the branch for when I returned to town. While I appreciate the security measure (verifying my identity at the bank branch), I was without a cash card/debit card for 6 days while out of town and then had to go to the branch and am now waiting ANOTHER 7-10 days processing time because they wouldn't order the card until I came in. Worse yet, many banks will give you a temporary ATM card so you can at least access your account while waiting for your debit card (no such luck here). Also, once the card comes in, I have to return to the branch to reset my password.

Pros: Local

Cons: Inconvenient, Poor Customer Service, Rigid Policies

 

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