Legal Order Fee Bank Of America- Let’s Know More

Bank of America has a legal processing fee that varies due to the type of account. It keeps changing from time to time and the stringency of a court order. Let’s know more about Legal Order Fee Bank Of America

 A legal fee is charged by banks to check the financial record based on a legal order from the court. Once the bank receives this order, it is meant to investigate and has to release the information. This is not done instantly, but after verification and assessment of the legality of the order, a legitimate statement is presented. As banks have conferred interest in the customers and their money they don’t expose sensitive documents so easily. The bank’s profit comes from its customers. The concern of the customers who want to maintain their record in the bank is a genuine reason banks don’t publicly issue statements. Bank of America charges its customers a legal processing fee. It is levied on the customer if the agency has played a role in your account-based legal order. A legal processing fee needs to be submitted in various cases. If a person has been subject to wage garnishment, levies, child support, etc. Most of the banks charge the same amount of legal processing fee. In this article, we will discuss the legal processing fee charged by the Bank of America and the reason it is levied.

Reason for legal processing fees: 

1. Examine the bank statement that the court order specifies.
2. Banks should stay aware that illegal or forged orders are illegitimate.
3. Awareness against fraud. A bank deals with fraud court orders and fraud customers.
4. delinquent taxpayers’  may be interrogated for Tax liens
5. If a subpoena is issued the court may ask the subject to bring the financial details.
6. For a wage garnishment report, the court can order a bank statement because the plaintiff needs to be reimbursed the money.
7. Debt: When the client is not able to pay their debt the court will issue an order where the financial institution will have to explain the situation.

Bank of America legal processing fees:

• The bank may charge its customers for legal orders or processes that direct us to 
• freeze, 
• withhold funds or attach
•  or other property, like attachment, levy, or garnishment. 
• It may charge $125 each time.

Compared to other banks like Wells Fargo, Citibank, and TD Bank the charges are all the same.

Getting the legal charge waived:

As the legal processing charge is expensive, people have trouble paying for it. Furthermore, with unpaid child support and debts, it is difficult depositing this fee. The following steps can be taken to avoid it:

• Get in touch with your bank, and try to have a settlement.
• It can be a bank error. Don’t hesitate to get it reviewed. If it is an error, your legal fees will be levied easily.
• If you are a long-time consumer you can put forward the request for the fee waiver.
• It may refund a legal processing fee but you need to convince.
• You can contact them at 800-432-1000.
• Visit www.bankofamerica.com. You can access the Deposit Agreement and Disclosures under the section, “Legal Process – Subpoena and Levy.

The legal process fee is charged by the Bank for two reasons:

1. Being a for-profit company, it needs to make money. Therefore, to pay overhead costs and,  profit its shareholders a legal process feels charged.
2. It is time-consuming to be involved in judicial matters. The company then charges the clients for this cumbersome task.

Avoiding legal process fees:

• Pay off all your debts. You should get the levy lifted by making arrangements for payment and swelling the debt.
• A creditor can levy the financial record from your account. To stay away from this payback all at once or in specific monthly installments.
• Pay your taxes in time. Otherwise, any legal action can be taken.
• The financial institution has an expert team of lawyers. Be definite that the legal order will be investigated thoroughly, and you will not be prone to fraud.

NOTE:

• If you check your savings account, notice that there is a section that has a legal processing fee. 
• This fee is automatically deducted from the account.

If you are unable to pay the legal order charge the following things can happen:

1. Your account will be frozen if you don’t have the funds.
2. Financial Penalty
3. Judicial action.

Actions are taken by the court when a person is not able to pay the debt or is a part of fraud etc. For the smooth functioning of the bank, the clients must pay for this. A sum of $125 is charged by most banks. The Bank of America charges this amount. A legal team works with the bank, to check the authenticity of court orders. This team makes sure that the order is genuine. Otherwise, it can expose sensitive information to fraud.