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7.11.4 Recovery from financial institutions details must be obtained from the financial institution by making a request under section 128 VEA. notices can be served on all types of investments, including a debtor's cheque account. The debtor must be the beneficial owner of the account. That is, the debtor must be the person who is entitled to the money in the account and is not holding it in trust for, as an agent for, or on behalf of, another person. an account with an institution is in the names of more than one person, this provision only applies if the payment was intended for someone who was not one of the persons in whose names the account was kept. A notice may be issued under subsection 205AB VEA requiring the institution to pay the Commonwealth. a guide, if the debtor is still in receipt of an income support payment, withholdings from the debtor's pension should be considered in the first instance. A payment notice on a financial institution account must not be issued without first making genuine attempts to contact the client to negotiate an alternative arrangement (even if the only reasonable alternative left is payment in full, the client may prefer to organise this rather than be subject to a payment notice). If the debtor is not on income support $5,500 should be left at the disposal of the debtor. This amount may be made up from several different sources, and need not include the account subject to recovery action. Where a debtor is in receipt of income support but full recovery is more appropriate than recovery via limitation, and the debtor will not negotiate recovery then $1,500 should be left at the disposal of the debtor. it is not practical to hand deliver the notice, it should be sent by person-to-person registered mail, registered mail or Express-Post (no signature on collection). is important not to alert the debtor of the intention to serve a payment notice on his/her bank account and so give the debtor the opportunity to withdraw the funds before the notice is received by the financial institution. Subsection 205A(4) VEA requires a copy of the payment notice to be sent to the debtor. This, together with a copy of subsection 205 VEA, should be sent once the notice has been given to the financial institution.