Some individuals in the United States began receiving their $1200 direct deposit from the COVID-19 stimulus package during the week of April 13, 2020. Payments were sent to people who completed their 2018 or 2019 tax statements, which supplied the IRS with their bank account and routing numbers.
Unfortunately, some Americans have not received their direct deposit as some coronavirus stimulus checks were deposited into the wrong bank accounts. The Internal Revenue Service is aware of the problem and understands why it happened. This incident is making it difficult for thousands of individuals who need this money to survive during the nationwide shutdown.Read More »
With millions of United States citizens interested in how and when they’ll receive their stimulus checks, the Internal Revenue Service decided to build an information page. The page provides all of the details related to the economic impact payments that people will receive, which can be found at www.irs.gov/eip. 2018 and 2019 tax filers can click the “Get My Payment” button to check on the status of their payment. The information given will confirm if the payment type is a direct deposit or check.
If individuals didn’t already provide their direct deposit information and their payment had not been sent yet, they could provide their routing and bank account number. That is when the problem occurred for some people who were trying to check on the status of their stimulus check.
Challenges With Deposits in the Wrong Accounts
On Wednesday, April 15, 2010, it was already challenging to try and access the information page as millions of people were attempting to check on their direct deposits from the COVID-19 stimulus package. When some people finally got through, they were reporting that several banks were showing the $1200 direct deposit. However, when a few individuals checked the last four digits of the account number where the money was placed, they noticed that it was wrong or outdated.
Frustration From Several United States Citizens Waiting for Stimulus
The feeling of joy soon turned into disappointment for several individuals who were expecting to receive stimulus money to pay essential expenses like their rent, food and car payments. In some locations, $1200 will barely cover these costs, which can be difficult for anyone who has recently joined the other 22 million Americans who have filed for unemployment benefits in the past month.
Returning the Stimulus Money Back to the Government
Initially, the Internal Revenue Service found out that some stimulus check payments were being sent to the wrong accounts; they indicated that the banks should reject the payment. Once they have been returned to the government, the Internal Revenue Service will send each recipient a paper check for the $1200. This delay has made it even more challenging for anyone who has bills to pay and can’t work right now.
Additional Guidance from the Internal Revenue Service
After taking time to sort out the problem, the government responded to individuals who had their money deposited into the wrong account by adding additional guidance on its website and answering questions, which include the following:
– Can I update my bank account information if it has changed since I filed?: The Internal Revenue Service responded by saying that it is best to provide current account information if the current information is inaccurate or wasn’t given on 2018 or 2019 tax forms. Taking this action will allow a direct deposit into the correct bank account. The tool does not allow individuals to directly change the information that’s already on file, which should help protect them from fraud.
– Can the Get My Payment App be used to check on the status of a deposit after changing the payment method to direct deposit?: Get My Payment can be used to check the status of direct deposit after new bank account information has been provided. Updates are made daily.
– Where did the Internal Revenue Service obtain my bank information, and what do I need to do if it’s incorrect?: The response from the Internal Revenue Service stated that they usually capture a person’s direct deposit information from their 2018 or 2019 tax forms. The information was also taken by utilizing Get My Payment applications or the tool used for non-filers. Using the Get My Payment app will indicate if a payment is in process or pending. If this is the case, the current bank account information cannot be changed.
– Can Get My Payment be used to designate the account where a stimulus check should be deposited when a tax refund for 2018 or 2019 was split between several accounts?: In this situation, the government indicates that Get My Payment cannot be used. A person’s payment will be sent to the first bank account listed on Form 8888. If this fails, a check will be mailed to the current address that is on file.
– Can Get My Payment be used to change the direct deposit information on my tax return from a bank account that is no longer used?: In the case of closed bank accounts, the bank receiving the direct deposit should return it to the government. Once it is received by the government, a check will be mailed to the address that is on file.
It seems that using Get My Payment to check on the status of a payment or to provide the Internal Revenue Service with the correct bank information is the quickest way to speed up the process for individuals who received their stimulus checks in the wrong account or just want to check on its status.
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