Can a collection agency put a lien or levy on your bank account and if not what can be done to get the lien release off of your bank account?

Yes, they can. Sometimes, it is written in your contract you signed that you have given them permission to take payment from your accounts if you aren't paying. Otherwise they have to get a judgement. I believe that the levy will not be released until the account has been paid or you make solid arrangements with the lender.