AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question IRS erroneously [not that they will ever admit this directly!]levied my bank account and I was subsequently charged overdraft fees repeatedly.
Here's the quick version:
07/27/09 : recvd return from IRS for 2008 $1500.00
07/28/09 : levied applied to acct for past 2006 balance owed $1994.99
Two weeks later it is determined that my balance had been paid from the 2008 return amount and the balance of that was given to me. [$1500.00]
In this period of time, I was charged overdraft fees amounting to approx. $210.00 because of IRS freezing my account and payments not being honored.
What recourse do I have?
Thanks, and sorry I wasnt more succinct!
Answer Your only recourse from the bank is sympathy. If you have had an account for years with no negative activity you have a chance of explaining your situation in writing or in person to a manager and ask for some relief (maybe even a compromise for half of the fees).
I have no experience with IRS paying for their errors and like you find it hard to believe that you could even find someone with the authority to reimburse you for your fees. That said, it can't hurt to try. There is a "Tax Payer Advocate" link on the irs.gov web site which provides contact information. Good Luck, Jim
