The latest round of $600 stimulus checks is on the way. Meanwhile, many have already arrived for millions of Americans.
But for people who recently changed their bank account information, that payment might not come at all.
IRS won’t send checks if direct deposit doesn’t work
To send the latest payment to Americans, the IRS is using account information that was either provided on your 2019 tax return, non-filer registration, entered into the “Get My Payment” tool before Dec. 22 or provided by a federal agency issuing benefits — such as the Social Security Administration, Veteran Affairs or the Railroad Retirement Board, according to its website.
Currently, this account information including direct deposit details cannot be changed or updated, according to the IRS. That means that if you have a new bank account and didn’t previously update your information with the IRS, you won’t get your payment.
In the first round of checks to Americans, if a bank rejected and returned a stimulus payment because of incorrect account information, the IRS would then mail out a paper check or debit card. But this time, the IRS won’t do that.
Read more at CNBC.
{Matzav.com}
