What will happen to my government coronavirus direct deposit if my bank account has changed?
I understand that the Treasury is direct-depositing the blood-money funds directly to whatever bank account was used on my previous years’ income tax return.
I’ve had to pay the last couple years and the last bank account that the IRS knows about is one that was closed 2–3 years ago.
What happens to my deposit?
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I believe the Fed was going to use bank deposits made earlier this year and last year. So if you changed banks before say April 2019 it should be mailed to you. I saw an article somewhere last week about updating you direct deposit bank for the Feds, but cannot remember where I saw it.
The IRS will have something up on their site by April 17 that will allow you to update your banking information.
“If you just want to enter your direct deposit information, the IRS is releasing a second tool called “Get My Payment” by April 17. That tool will enable you to enter you direct deposit information so you can receive your stimulus check electronically in your bank account, if you haven’t already provided your bank information on your 2018 or 2019 federal tax return.“
https://www.forbes.com/sites/zackfriedman/2020/04/11/stimulus-check-irs-faster/
I can see that being a mess. Hopefully not. If they sent the payment already, they probably need to confirm it didn’t go through and then they can reissue the payment again. I didn’t realize we can update our information, that’s good to know, but April 17 is late. I already know someone who received a payment.
I think I received a refund one year via direct deposit. I’m actually not sure. I was thinking it would be easiest for me to search my email to see if I ever gave the information to my accountant.
Go to the IRS website. They have a form where you can correct your banking info. It also gives you better instructions on what you should do. If you’re on social security and have your payment on direct deposit, they will send it to the same bank as your auto deposit. I think the also said they have an app for that as well. I didn’t absorb all of everything they said as most of it didn’t apply to my situation. Originally they indicated they were going to mail out checks, but I think they’ve scrapped that idea. If you don’t have a checking account, you need to get a debit card so they can deposit to the card. When you get to the IFS website, do a search for coronavirus
Probably 5 years ago I had cashed out my old checking account, moved to a different state and opened a new account. Several years later they owed me some money for something I never heard of. They deposited it to my new account without ever contacting me. The money just showed up in the new account.
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