2.8.2 Account Garnishment Processing in Oracle Banking Retail Accounts

This topic describes the processing of account garnishment in Oracle Banking Retail Accounts.

A Garnishment Order is a Court Order or Statutory/regulatory authority order instructing a garnishee (i.e., to a bank) to hold funds in a customer account and should not be released until directed by the court. The order may instruct the bank to hold/block aparticular amount or all the available funds in the customer account(s). A garnishment block fee will be charged to the account on placing a block for the garnishment amount.

Garnishment screen at account servicing level will allow for the branch user to select the customer accounts(s) on which garnishment block needs to be placed. System has been enhanced to do the protected amount calculation based on the look-back period configured in the garnishment parameters configuration screen.

Note:

• The Garnishment fee will be applied to the account upon completion of placing a block or hold for the required amount. If there is no sufficient balance to fulfill the charge amount, subsequent actions of retrying the fee collection have to be operationally dealt with by the bank.
• Removal of garnishment block to transfer the amount as per the court order is to be operationally handled.
• The Product processor code should be OBRACC for Garnishment charge code creation.

Note:

For more information about the configurations, refer to the section Garnishment Parameters in this User Guide.