Tuesday, 5 March 2013

Social Security can remove any amount from any account of anyone that owes it money

MADRID According to the BOE (Official State Bulletin), from March 1 the limit that the Social Security authorities had to embargo bank accounts has been abolished. In other words, they can now remove any amount from the bank account of any person or entity that owes it money. Since July 2001 and until the beginning of March, the maximum they were allowed to remove (with prior notice and attempts to contact) amounted to €6,000 including surcharges. The SS management will be generating and sending to financial entities a list identifying the people about whom it wants information. This list must be updated every 20 days and the SS must be informed within two days of the actions (i.e. seizure) taken. (More in-depth information on law, money, banking, lifestyle, etc. will soon be available at SpainInformer.com)

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