The first to receive the second stimulus check have been those for whom the IRS has information about their bank account. There have, however, been errors in direct deposits. What will happen if your money was deposited into the wrong bank account?
Officially, the IRS began sending the second stimulus check this Monday, January 4, and the first payments will be sent through direct deposits into the bank accounts of eligible individuals. However, some of these accounts may no longer be used by their owners.
This is because the IRS is distributing the second stimulus check based on the information you provided on your 2019 tax return, on the Get My Payment page, or in the Non-Filers tool.
Unfortunately, it is currently impossible to change the information you already provided, so the check will be sent to the bank account you put there.
In the first round of stimulus checks that began to be issued in March 2020, the IRS said banks would reject deposits sent to bank accounts that were closed and then mail payments.
Therefore, this process will be the same this time.
That is, if you closed an account that you previously gave to the IRS, they will send your second paper stimulus check through traditional mail, after the bank notifies them that your account is inactive. This, therefore, could delay the arrival of your money.
This problem has impacted those whose tax refund was processed by intermediaries such as H&R Block or TurboTax for example, since the agency sent the funds to the temporary account of the tax preparation company and not to the recipients.
In both cases, the IRS transferred the money to the tax preparers' account for them to send to the taxpayers.