Washington, D.C. – Today, nine banking and credit union industry groups issued a statement on the availability of funds from economic impact payments to consumers.
The IRS recently sent an initial wave of tens of millions of economic impact payments via the Automated Clearing House (ACH) system. The actual funds will be sent to the banks and credit unions on March 17, at which time funds will be made available to customers. Until that time, the funds remain with the government. While the IRS could have chosen to send the funds via Same Day ACH or provided for an earlier effective date, it chose not to do so. It is up to the sender, in this case the IRS, to decide when it wants the money to be made available and the IRS chose March 17.
The American Bankers Association, Bank Policy Institute, Credit Union National Association, Consumer Bankers Association, Independent Community Bankers of America, Nacha, National Association of Federally-Insured Credit Unions, National Bankers Association, and The Clearing House, issued the statement.