Industry Alerts

Industry Alerts

Industry Alerts provides member financial institutions with critical information; such as changes to the NACHA Operating Rules, Requests for Comment, notices from Treasury, NEACH cancellations, and other important and often time-sensitive information. This is a members-only resource. Login for access.  


 

ALERT: Nacha Learns of Large IRS Error Issuing EIPs

Nacha has learned that the IRS has made a large error in the issuance of Economic Impact Payments (EIPs).

The best information available to us at this time suggests that the IRS did not apply, or did not correctly apply, a potential fix for payments in round 1 EIPs that were sent to tax preparers. We believe that the result is that the IRS may have sent as many as 15-20 million EIPs in error to the RDFIs of the tax preparers. For many financial institutions, this could mean that you have account holders expecting round 2 EIPs to their accounts with you that were not included in the files you received this week (with the effective date of Jan. 4, 2021). To compound the problem, the IRS might not be able to make accurate information on this problem available via the “Get My Payment” portal. These account holders might be contacting their financial institutions to inquire about their payments.

This situation is fluid, and Nacha will do its best to keep you updated as additional information becomes available.

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