Millions Of Stimulus Payments Sent To Wrong Accounts
MILLIONS OF STIMULUS PAYMENTS FOR TURBOTAX CUSTOMERS AND OTHERS SENT TO WRONG ACCOUNTS; THE DISTRIBUTION GLITCH IS EXPECTED TO BE FIXED SOON.
(CNN) – Millions of Americans may have to wait a little longer to get their stimulus payments from the federal government because of a distribution glitch.
Intuit TurboTax says millions of payments were sent to the wrong accounts and some people may not have received their payments.
One banking industry source says roughly 13 million people may have been affected.
Those most likely to be impacted used refund anticipation loans or similar products.
In those cases, stimulus payments may have been directed to the temporary bank account set up by the online tax preparation firm they used when filing their 2019 tax return.
It might also have affected some people who changed banks recently and the IRS does not yet have their new checking account on record.
The IRS said Friday it’s taking immediate steps to redirect payments to the correct accounts.