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Will Refund Advantage be getting Economic Impact Payments?
The IRS has stated that they will be distributing Economic Impact Payments directly to individuals. There are a variety of indicators sent to the IRS as part of a tax return with a bank product, and the IRS is using those to ensure that payments will not be sent to the refund transfer bank (Refund Advantage). As such, RA will not play a role in facilitating these payments.
Where is my Economic Impact Payment?
Refund Advantage, our system, and our agents do not have any visibility into this information. To help everyone check on the status of their payments, the IRS has built the Get My Payment tool to provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them. Our system and agents do not have any information about these payments.
The bank account for my Economic Impact Payment is with RA. What happens now?
In select instances, the IRS is inadvertently distributing EIP to the temporary account at Refund Advantage. These payments have been returned to the IRS so that they can be distributed directly to the individual. These payments should not have been deposited to our bank, and we have an automated process in place to return these payments as quickly to the IRS so that they can deliver to the proper recipient. Neither RA or the tax preparer have access to these payments or any information about payments.
If my EIP has been returned to the IRS, what are the next steps?
We have a process in place to quickly return those payments to the IRS for distribution to the recipient. Our system and agents do not have visibility into these payments. It historically takes the IRS 7-10 business days to have visibility into the returned funds. Please contact the IRS for directly for further details, neither your tax preparer nor RA have any information about these payments.
Can you process my EIP payment or update my account information?
EIP payments will be distributed directly by the IRS. Neither your tax preparer nor RA can process your payment for you or update your deposit account information. The IRS will handle distributing these payments directly to you, including updating your information.
IRS Contact Information:
800-829-1040
http://www.irs.gov/coronavirus/get-my-payment
