There was a question earlier about who will receive “direct deposit” disaster-relief payments instead of checks. Here is the text of the United States Code (not the Internal Revenue Code, but Title 31, “Money and Finance”) to which the new law refers.
"31 U.S. Code § 3332. Required direct deposit
(a) (1)Notwithstanding any other provision of law, all Federal wage, salary, and retirement payments shall be paid to recipients of such payments by electronic funds transfer, unless another method has been determined by the Secretary of the Treasury to be appropriate.
(2)Each recipient of Federal wage, salary, or retirement payments shall designate one or more financial institutions or other authorized payment agents and provide the payment certifying or authorizing agency information necessary for the recipient to receive electronic funds transfer payments through each institution so designated. . . .
(3)The term “Federal payments” includes—
(A)Federal wage, salary, and retirement payments;
(B)vendor and expense reimbursement payments; and
Such term shall not include any payment under the Internal Revenue Code of 1986."
(But IRS payments are also included, by separate reference, in the new law.)
And can you imagine IF folks have changed bank accounts in the interim, say - due to a divorce? Or just a normal change due to a move, or ??
My head hurts 🙂
I can envision the future "WHERE IS *MY* MONEY" phone calls.
I am officially retiring ! (I think...)
BTW... thanks Bob.
"the game of life is hard to play"
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My client asked this question - they changed banks.
So my research shows when the bank transfer bounces the IRS will issue a paper check; I'm presuming just like all paper checks it will take 6-8 weeks to be received. This is what I'm telling my clients for now.