Updates on the second round of Economic Impact Payments (EIP-2)
January 12th Update:
We continue to assist the IRS on its solution to deliver EIP-2 payments to all impacted taxpayers. Earlier today, Republic Bank conducted a test $0.00 deposit for all impacted customers based on the deposit account information you used when you filed taxes in 2020. This test is being conducted to assist the IRS in confirming bank accounts for EIP-2 deposits.
If you are seeing this test $0 deposit in your account, this is a good sign that your account data is accurate and you should expect an EIP-2 deposit to this account directly from the IRS.
If you are not seeing a test deposit in your account, please do not be alarmed. Your bank may not show test deposits in the customer facing account information. Also, if your account has been closed or changed since you last filed your taxes and the test deposit is unsuccessful, then you should expect to receive an EIP-2 check mailed from the IRS.
The IRS has also advised that their internal systems, including the Get My Payment tool, may begin to reflect an updated status beginning January 29th with details on the EIP-2 direct deposit or check mail date. We will continue to share information as it becomes available and thank you for your patience as the IRS issues your stimulus money directly to you.
January 10th Update:
Today, due to our continued action along with our tax preparation partners’ efforts, the IRS has committed to make special payments directly to our affected customers, either by direct deposit or check, no later than February 1st.
We’ve advocated for you on a daily basis, working with the IRS, the Bureau of Fiscal Services, and the Treasury for the quickest possible transfer of funds to you. Due to these efforts, the IRS’s commitment for sending special payments significantly improves upon its previous plan to provide these funds as part of your tax refund in 2021.
For more details, please review the IRS’s statement at https://www.irs.gov/newsroom/irs-statement-update-on-economic-impact-payments
We understand how important it is for you to receive these funds as soon as possible, and while we are disappointed the IRS was unable to correct its error sooner, it has accepted responsibility for the delay. This new commitment from the IRS means you will receive your funds weeks earlier than if you needed to wait for your tax refund.
We will not rest and will continue working with the IRS to ensure our customers receive the funds they are due as quickly as possible. To stay apprised of new details and timing of payments, please continue to check here for updates.