(FinancialHealth.net) – Last week, we told you about the possibility Americans could have their Economic Impact Payments seized by banks to pay debts. That’s exactly what happened. The government is now investigating.
On April 21, the Washington Post reported on an anonymous source in the Treasury Department who said the agency’s legal counsel was reviewing the seizures. According to the report, lawmakers on both sides of the aisle were angry about financial institutions taking the money.
USAA, a bank that serves military members and veterans, announced they’d return payments they’d taken. The family of a disabled vet had their entire $3,450 seized by the bank after it was deposited in an account the institution had already closed and written off.
Bank serving military families changes policy allowing seizure of stimulus checks for debts following social media outcry https://t.co/Reeg2mKRVD
— Newsweek (@Newsweek) April 17, 2020
Hopefully, the Treasury Department stops the seizures soon. American families are hurting, and they need every dollar they can get right now. President Donald Trump and Congress didn’t create stimulus payments to help banks; they did it to help workers.
~Here’s to Your Financial Health!
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