New York EIPA Question

[FlaResident]

I have a Florida judgment and have taken necessary steps here to stop a bank levy (closed the account). I am looking for a safe way to resume banking and came across the New York Exempt Income Protection Act but need to make sure I am understanding it it correctly.

Currently I am receiving a pension and unemployment. I am looking to open accounts with a New York Credit Union I am eligible to join despite my relocation to Florida.

First question, it is my understanding that each account I open would only be able to be restrained for amounts over 2500 if I have the exempt income (pension and unemployment) direct deposited (and not co-mingled with any other monies)and even the amounts over 2500 would eventually come back to me if I show they are exempt income, is this correct?

My second question, EIPA has a provision that if the money is exempt and returned that you cannot be charged any penalties. Would this include a 75 processing fee the credit union charges when they receive legal papers regarding your account?

While living the cash only lifestyle can certainly be accomplished, various check cashing and prepaid debit card fees sure add up quickly and getting this exempt income back into a checking account would be ideal.

As always, any help would be greatly appreciated.

[Guest usctrojanalum]

A Florida judgment can't freeze a NY bank account anyway, so you don't even have to worry about interpreting the EIPA unless you have any NY judgments against you.