As a result of Republic Banks combined efforts with the tax software industry, the IRS is
beginning to implement the following plan:
The IRS has started issuing payments to some affected customers by direct deposit as of January 26th. The IRS will continue to release funds to affected customers in batches through February 5th.
What does this mean for you?
- The exact timing of when the funds will be visible and available in your deposit account depends on which batch the IRS releases your payment in, and your bank’s deposit posting rules and timeline. This could mean you may see funds as early as January 26th or, as late as, or even after, the last batch on February 5th.
- If you did not have your tax refund deposited into a permanent bank account or the IRS has determined that your account is no longer active, then you should receive a check directly from the IRS in the U.S. mail. Checks are scheduled to be mailed February 2nd through February 5th, so please be advised to allow several days for mail delivery and watch the mail.
- Republic Bank has no information on which batch a specific customer’s EIP-2 payment will be in, or whether your payment will be sent via direct deposit or check.
Where can you find the most current status of your payment?
- The best source of information on the status of EIP-2 payments is the Get My Payment tool at www.irs.gov/eip. The IRS Get My Payment Tool is expected to be updated to reflect all customer information on January 29th. The IRS only updates the Get My Payment tool overnight, so there is no need to check it more than once a day. We understand how important it is for you to receive these funds as soon as possible and appreciate everyone’s continued patience as the IRS works out this process with assistance provided by Republic Bank.
—Your 1st Source Tax Team