Economic Impact Payments (EIP3s)
If you have been anxiously waiting for the last round of EIP3 to reach your account, we’d like to help eliminate some of the confusion our customers may have surrounding the timing of the payments. Murphy-Wall State Bank and Trust Company would like to forward information we recently received as a member, from EPCOR, a not-for-profit payments association, which provides payments expertise through education, advice and member representation. EPCOR put together a new Did You Know… informational video to help you answer many questions surrounding the settlement date of Automated Clearing House (ACH) payments like Economic Impact Payments and Social Security Benefit Direct Deposits that you may have.
View the video here:
Here’s a summary from Murphy-Wall and EPCOR on the current wave of EIP3 payments:
- The IRS has announced that this wave of EIP3s will include Social Security and other beneficiaries who are not tax filers.
- Financial Institutions are required by the ACH Rules to make funds available to account holders by 9:00 a.m. local time on April 7. (If you have Digital Banking, you can check to see if the payments have been received at this time.)
- EIP Direct Deposits will continue to use the Company Name “IRS TREAS 310” and the Company Entry Description “ TAXEIP3 ”. (You may see these on your bank statement.)
- Stimulus payments sent to closed accounts will be returned according to The U.S. Treasury’s Green Book Rules.
- If an account holder is deceased (and the account is open), you may want to know that EIP payments are not subject to being returned (Reclamation).
- EIP3 Payments are NOT exempt from garnishments which is different than EIP2.
If you have specific questions, we are here to help! Call us at 877-358-6554 to speak to a Customer Service Representative or the Bookkeeping Department.