The Treasury Department said banks can use stimulus money to offset account holders' existing debts, but four of the United States largest commercial banking systems say they are not going to do that.
ShareThe Coronavirus Aid, Relief and Economic Security Act does not expressly prevent private debt collectors, like commercial banks, from using stimulus payments to settle outstanding balances among existing clients. However, several of the United States' largest banking systems have said they do not plan to capitalize on the technicality.
The CARES Act—a $2.2 trillion federal stimulus package signed into law on March 27 to mediate economic consequences of the coronavirus pandemic—offers relief payments ranging from $1,200 to $2,400 to qualifying recipients, as well as additional sums to parents and others who provide for dependents. The Treasury Department and the Internal Revenue Servicea few days after the bill was approved outlining the processes through which eligible individuals could receive checks.
The guidelines noted that most would be distributed via direct deposit using banking information included in an individual or a household's most recent tax filings.questioned whether bank account holders with negative balances would actually receive the stimulus money.
it would not use stimulus funds issued to accounts with outstanding balances to offsetting those debts. Instead, it planned to return the money to the Treasury, which"can then determine the address to mail the full stimulus amount and ensure the former customer gets the full benefit."
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