Americans expecting a second stimulus check deposited into their accounts have not received payment as anticipated, CNBC reported on Wednesday (Jan. 6).
People who filed their 2019 taxes with H&R Block or TurboTax told CNBC that they have not seen a deposit as expected. Payments for the second round of economic impact payments were reportedly sent via mail or direct-deposited into people’s accounts on file. Millions were slated to be automatically deposited by Jan. 4.
Some H&R Block and TurboTax users did not get the new stimulus payment because it was directed by the IRS to an unfamiliar bank account, sources told CNBC. Those users were looking for deposits on the IRS Get My Payment tool.
The issue could be due to the IRS sending stimulus deposits to temporary “pass-through” accounts set up by H&R Block and TurboTax in previous years that people can no longer access.
According to the IRS, any bank getting erroneous payments will kick the monies back to the government. The IRS is expected to reissue payments to the appropriate bank accounts, but the overall process could delay payments.
The second round of stimulus payments launched on Monday (Jan. 4), but money had already been sent via direct deposit ahead of the date. For Americans without verifiable direct deposit information, checks and prepaid cards are anticipated to go out by Jan. 15.
“We know how important these funds are for so many Americans and that everyone is anxious to get their money,” Ashley McMahon, a TurboTax spokesperson, tells CNBC Make It. “We are partnering with the IRS to help taxpayers receive their payments as quickly as possible.”
The IRS has warned that people should be aware that there are scams targeting recipients of the funds.
According to the U.S. Department of the Treasury, over $112 billion was distributed in this second stimulus round.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More