Social Welfare Consolidation Act 2005 section 343F

Attachment of money in financial institution

Section 343F deals with how attachment notices operate where the relevant person is a financial institution, including how deposits (sole and joint) are treated as debts owed to the overpaid person.

• Any deposit (including interest) held by a financial institution to the credit of the overpaid person — whether solely or jointly with others — is treated as a debt owed by the institution to the overpaid person at the time the attachment notice is received.
• Where a deposit is held jointly, it is presumed to be shared equally among all account holders, and only the overpaid person's equal share is treated as the debt — unless evidence of the actual split is provided within 10 days.
• The Minister must not set a repayment amount in the attachment notice that would reduce the overpaid person's means to the point where they would become entitled to supplementary welfare allowance.
• When a financial institution makes a payment to the Minister under an attachment notice, it must notify the overpaid person in writing within 10 days, stating the amount paid.