Bank Levy

  

A bank levy occurs when a creditor instructs a bank to take money from another's account without the consent of that person, the account holder. The creditor is seeking funds to apply toward an outstanding debt of the account holder. The levy is forcing payment to occur whether the account owner is ready for that payment to happen or not. The IRS is famous for levying accounts for back taxes owed.

The word levy, in feudal times, meant to enlist someone in military service. That's where the indebted ended up...it was either "pay your bills" or "join the military." It worked back in the day, anyway.

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Finance: What is a CUSIP Number?119 Views

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Finance, a la shmoop. What is a CUSIP number? Close that's a Cusack number

00:09

867-53-09, yeah we know there. So yeah you know when you go to the grocery

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store and the cashier swipes your apples eight times across that little bar code [Apple being scanned]

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reader thingy and it doesn't work again and again and again and then she finally [Error coming up on the screen]

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pulls back the plastic from where the Apple was tagged hunts for her glasses [Cashier putting on her glasses]

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and then visually finds the number associated with that Apple and then just

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manually types it in. Well that's the fruit equivalent of a CUSIP number [Guy talking in a supermarket]

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A CUSIP number is well just that only applied to securities, stocks, bonds even

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muni bonds. CUSIP stands for committee on uniforms security identification [The meaning of each letter is shown]

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procedures, and is basically just the serial number system of securities, but [CUSIP definition written on a 100 dollar bill]

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has nine digits, the first six represent the original issuer of the security like

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coca-cola shares when it went public a gazillion years ago. Then the next two [The fix 6 digits are highlighted]

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characters refer to that type of security at hand like is it a basic

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equity bond, muni bond and the ninth digit is riboflavin yeah it's just there

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to be sure the other digits are all accurate and assures that there's no [The 3 digits meaning are shown]

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replication in any of the other CUSIP index number sets. So yeah CUSIP numbers

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make the securities easier to track because it's awfully hard to get a

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microchip into one of them. [Microchip pulled out of a bond certificate]

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