This information is for those who have not yet received their second round stimulus payment of $600 for each qualifying person (taxpayer, spouse and dependent under 17 years of age) “EIP-2” from the IRS, which was scheduled to be direct deposited into your bank account, or otherwise sent to you beginning December 31, 2020. We have received some important information from Republic Bank (the bank through which your 2019 tax refund was processed) that will shed some light on the status of your EIP-2 payment, and we would like to share this information with you.
As you may have heard, the IRS erroneously sent a significant number of EIP-2 payments
directly to the banks used to process 2019 tax refunds and tax preparation fees, instead of your personal bank account or your mailing address. The bank we used for our bank product
offerings, Republic Bank, was one of those banks.
The good news is that Republic Bank has been working directly with the IRS to ensure that your EIP-2 payment SHOULD be received, either by direct deposit or check, by February 1, 2021. To that end, on Tuesday, January 12, 202, Republic Bank conducted a test $0.00 deposit for all impacted customers based on the deposit account information you used when you filed your 2019 tax return 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 to be alarmed. Your bank may not show test deposits in your customer facing account information. Also, if the account you used 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 directly from the IRS.
The IRS has also advised that their internal systems, including the Get My Payment tool found
on the IRS.gov website, may begin to reflect your updated status beginning January 29th with
details on the EIP-2 direct deposit or check mail date. Continue to check your status on the
website through February 1, 2021.
We will continue to share information with you as it becomes available. Please understand that we want you to receive your EIP-2 payment as quickly as possible and that we had no
knowledge of the IRS processing error until the IRS publicly disclosed the error this week, nor
did we play any role in delaying your receipt of your EIP-2 payment.
Thank you in advance for your understanding and your patience as the IRS works through this
important issue. Please do not hesitate to contact our office should you have any further
questions regarding your EIP-2 payment.
Sincerely,
The 1st Source Tax Family