Stimulus Payment Rejected By Bank

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Stimulus payment rejected by bank. The new york times reported that several major banks including wells fargo and bank of america have vowed to zero out customers overdrawn accounts so they can use their stimulus money. Otherwise you the irs is recommending you claim the stimulus payment via your 2020 tax return. At that point the irs will issue you a check in the mail but only once that initial.

If the irs attempts to send your stimulus payment to an invalid bank account it will generally bounce back. Keep in mind that the irs can only issue so many checks each week so you may need to wait a bit. Your best bet is to contact the bank where your money was deposited per irs status and ask to see if they can reverse the payment.

Once your payment is rejected by the bank that formerly housed your account you should be able to use the irs s get my payment tool to confirm that that money was returned and get a sense of when your stimulus will go out by check. Once the irs is notified that that payment didn t go through it. If the account is fully closed irs will attempt to deposit it will get rejected and then you will receive a paper check likely much later since that process from the bank and then the irs dealing with the upcoming tax season rush they deal with.

The latest round of 600 stimulus checks is on the way but for people that recently changed their bank information or moved the next payment may be delayed. Rest assured however that if your stimulus goes to an account that s no longer open your bank will reject the transfer of funds. The problem is direct deposited payments bouncing.

But again this will mean the stimulus payment will be sent back to the irs and you will need to wait for a paper check.