Bank levy

Okay kiddo, let's say you have a piggy bank where you keep all your money. You can put money in and take money out whenever you want. But what if someone wants to take money out of your piggy bank without your permission? That's not fair, right?

Well, this is kind of what happens with a bank levy. The government or a creditor, which is someone you owe money to, can go to your bank and ask them to take money out of your account to pay off the money you owe.

Basically, a bank levy is when the government or a creditor has legal permission to take some or all of the money you have in your bank account to pay off your debts. This way, they don't have to wait for you to pay them back on your own or take you to court.

However, there are laws in place to protect you, and not all of your money can be taken. There are certain things called exemptions that mean some of your money can't be taken. These include things like money you receive from certain government programs, like Social Security or disability benefits, as well as a certain amount of money that's in your account.

So, a bank levy is basically when money is taken out of your bank account to pay off debts you owe to someone else. But don't worry, there are laws in place to protect you and not all of your money can be taken.