Author Topic: Your Coronavirus Check Is Coming. Your Bank Can Grab It.  (Read 543 times)

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Online corbe

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Your Coronavirus Check Is Coming. Your Bank Can Grab It.
« on: April 15, 2020, 01:45:14 am »
Your Coronavirus Check Is Coming. Your Bank Can Grab It.

Regulators have given banks the green light to use stimulus funds to pay off debts that individuals owe them.

by David Dayen April 14, 2020

The situation highlights many Americans’ travails with the consumer banking system.

This week, the $1,200 CARES Act payments Congress approved in response to the coronavirus crisis will begin to appear in Americans’ bank accounts. The funds will be wired to eligible recipients who previously authorized the IRS to post their refunds (or Social Security payments) through direct deposit. This will speed relief far more quickly than having the IRS mail a check, which could take up to five months.

But the money may not make it into the hands of those who need it to pay bills, buy food, or just survive amid mass unemployment and widespread suffering. Individuals might first have to fend off their own bank, which has just been given the power to seize the $1,200 payment and use it to pay off outstanding debt.

Congress did not exempt CARES Act payments from private debt collection, and the Treasury Department has been reluctant to exempt them through its rulemaking authority. This means that individuals could see their payments transferred from their hands into the hands of their creditors, potentially leaving them with nothing.

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https://prospect.org/coronavirus/banks-can-grab-stimulus-check-pay-debts/
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Offline Elderberry

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Re: Your Coronavirus Check Is Coming. Your Bank Can Grab It.
« Reply #1 on: April 15, 2020, 02:05:20 am »
The bank can't grab mine. The IRS doesn't have my bank information. I always send them a check every year. So they will be sending Me a check.

Offline catfish1957

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Re: Your Coronavirus Check Is Coming. Your Bank Can Grab It.
« Reply #2 on: April 15, 2020, 02:23:04 am »
The bank can't grab mine. The IRS doesn't have my bank information. I always send them a check every year. So they will be sending Me a check.

Won't be grabbing mine.  Won't be getting one, but highly realize that I will be paying for it in increased taxes the rest of my life.  9999hair out0000
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Offline Elderberry

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Re: Your Coronavirus Check Is Coming. Your Bank Can Grab It.
« Reply #3 on: April 15, 2020, 02:23:47 am »
Man expecting to get $1,700 stimulus check finds millions in bank account

NY Post by Jakie Salo 4/14/2020

https://nypost.com/2020/04/14/man-expecting-to-get-stimulus-check-finds-millions-in-bank-account/

Quote
An Indiana man expecting a $1,700 stimulus check received a windfall instead from the feds — over $8 million deposited, albeit briefly, to his bank account.

Charles Calvin, a volunteer firefighter in New Chicago, said he got the $8.2 million surprise when he went to the ATM on Friday to withdraw some cash, news station WGNTV reported.

“I went to the ATM at the Family Express and once I withdrew $200 out of my account, I looked at the available balance still left in my account,” Calvin told the outlet. “Apparently, my account had $8.2 million in it.”

More at link.