Update January 25: The IRS will reissue 5.2 million EIPs beginning this week. 2.8 million of those payments will be distributed by ACH Direct Deposit and the remainder will be sent by check. These payments are reissuances of prior payments sent in error to tax preparers and that were subsequently returned at the specific instruction of the IRS. The ACH files will be sent in two batches with likely effective dates of January 29 and February 3. RDFIs might begin to receive these entries as early as Tuesday, January 26. The IRS advises those who believe they are impacted to check the status of their payment at the Get My Payment portal.
ACH Company Name: IRS TREAS 310
ACH Company Entry Description: XXTAXEIP2
Bureau of Fiscal Services FAQ 1/5/2021 U.S. Treasury Press Release 12/29/2020
IRS Press Release and FAQ 12/29/2020 IRS Press Release 1/4/2021 IRS Statement and FAQ 1/5/2021
Nacha FAQ for EIP2 1/6/2021 Federal Reserve Financial Services COVID-19 Resources
Check back often for updates! ePay member institutions can call our Payments Answerline™ at 800-475-0585, Option 1 if you have questions. The Payments Answerline is only for the use of ePay member institutions and should not be distributed to your customers or members.
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