(FinancialHealth) – Millions of Americans started seeing their second Economic Impact Payments deposited in their bank accounts as early as January 4th – some even sooner. Unfortunately, many others are scrambling to figure out why they haven’t received their payments or – worse – why the IRS website shows they were deposited into accounts that don’t appear to be their own.
So what’s happening?
In some cases, there was a glitch similar to that experienced with the first round of payments. People who used services like H&R Block or TurboTax had their checks go directly to the tax preparer instead of to their own accounts because of the way the refund transfer system is set up. Others had their payments directed towards accounts that were invalid or that are simply now closed.
No matter what the reason, financial institutions are not allowed to hold and redirect payments. They will be returned to the IRS. Those who did not receive payments for these reasons may see “Payment not available” on the IRS portal. If this happens, they will need to file for a credit when they file their returns.
Those who receive Social Security and other benefits will see a different account number in the IRS portal. Instead of a checking account number, they’ll see the number associated with the Direct Express card where the benefits are usually deposited.
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